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Lower Pound helps FTSE 100 continue to press higher this morning
Whilst the lower EUR/USD now today is surely a headwind for the DAX that is not the case for the Pound and the FTSE 100. The GBP/USD has now dropped below the noted 200 day moving average, at 1.2590 and that has supported the FTSE 100. The reason for that is because so many of the leading components of the FTSE 100 have significant dollar based earnings. So, as the US currency appreciates that helps to boost their profits when they come to repatriate those back to the UK. This is a very long standing dynamic and unless anything changes in that regard, it will remain so. Hence, the FTSE is still pushing higher this morning and creeping ever closer to the coveted 8k handle. The FTSE 100 is just now trading at around 7,970
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