Surge comes after drop in pound with strong U.S. jobs data
Britain’s blue-chip FTSE 100 index hit a record high on Friday, partly down to a drop in the pound against the dollar, which soared after strong U.S. jobs data.
Also, the Bank of England raised rates this week to their highest since 2008 but signalled it’s nearing the end of its tightening cycle, while the Federal Reserve has indicated U.S. rates may have further to increase. The index rose to 7,906.58 at 10:45 a.m. ET, surpassing a previous record high of 7,903.50 hit on May 22 2018.
A near-1% drop in the value of the pound against the dollar helped boost the exporter-heavy FTSE 100. London’s stock index has risen in recent months in line with a global rally in equities as inflation pressures abate, as well as gains in commodity focused stocks.Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.
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