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Both currencies suffered against the dollar, sterling falling 0.9% and the euro dropping 0.7%. The pound’s woes stem, of course, from Brexit – with a series of Article 50 Bill amendments failing last night, and the IFS issuing an ugly assessment of Britain’s economy, there wasn’t a lot of good news for sterling to cling on to. As for the euro, Draghi’s comments yesterday about the need for stimulus in the Eurozone despite rising inflation, alongside the damage the currency would suffer if Marine Le Pen becomes the next French president, are dragging it lower. Overall if seems that the pound is struggling the most, however, dipping by 0.2% against the euro having been 0.3% up just after the bell.

This was good news for the European indices. The FTSE, always happy when sterling sinks lower, jumped more than half a percent to re-cross 7200, while the DAX and CAC rose a slightly less jubilant 0.3% and 0.1% respectively.

The index-positivity looks likely to extend into the afternoon, with the Dow Jones heading for a 50 point increase when the bell rings on Wall Street. That would place the Dow a smidge over 20100, and well within reach of its all times highs

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Connor Campbell

Connor Campbell

Connor joined Spreadex in 2014 as part of a newly expanded financial analyst team after graduating from the University of Southampton with an MA in English. His focus is on providing Spreadex's customers with up-to-date and informative news, and is responsible for the market analysis found on the Spreadex website.

Connor produces three daily market updates, a daily stock earnings preview, a weekly financial market preview piece every Friday, a round-up of all the big financial stories making the weekend press every Monday morning and regular stock market features.

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