Movements in the FTSE 100 were mostly driven by corporate results last week, although the index rallied in response to comments by the Bank of England’s Deputy Governor Ben Broadbent about keeping interest rates low, and Federal Reserve (the Fed) Chair Janet Yellen’s upbeat testimony before US Congress. Meanwhile, sterling strengthened against the dollar and other major currencies on the back of falling unemployment in the UK.

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The FTSE 100 rallied at the start of the week, led by the energy and banking sectors, although it fell on Thursday amid concerns that central banks are considering raising interest rates sooner than expected and winding down quantitative easing. The prospect of higher rates temporarily boosted sterling midweek, but overall the pound weakened against the dollar and other major currencies on the back of disappointing industrial and trade data (more on these below).

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Sterling rallied against the dollar and other major currencies last week in response to comments by Bank of England (BoE) Governor Mark Carney suggesting interest rates may rise sooner than expected (more on this below). The FTSE 100, which tends to move in the opposite direction to the pound, was dragged lower by the stronger currency.

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The FTSE 100 drifted lower last week, weighed down by oil companies faced with a supply glut in the global market. Sterling weakened at the start of the week after Bank of England (BoE) Governor Mark Carney suggested interest rate hikes were some way off, but it recovered when the BoE’s chief economist Andy Haldane appeared to contradict Mr Carney.

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The FTSE 100 fell at the end of the week, weighed down by weak retail sales and signs that a hike in interest rates may be on the cards sooner than was previously expected. Sterling strengthened against the dollar and other major currencies earlier in the week, as the chances of a softer Brexit improved following the Conservative party’s poor general election showing, while the prospect of higher interest rates helped the rally continue.

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Despite falling in the days leading up to the election, the FTSE 100 rebounded on Friday. Many of the companies listed on the index earn profits overseas, so they benefited as sterling weakened against the dollar and other major currencies in response to the general election result. The pound recovered slightly after Prime Minister Theresa May looked to agree a deal with the Democratic Unionist Party (DUP) to keep the Conservatives in power.

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The FTSE 100 hit record highs at the end of the week, partly driven by renewed optimism regarding the global economy. Weaker sterling also helped, as the pound fell against the dollar and other major currencies due to concerns about the outcome of the upcoming general election. Momentum and low volatility styles outperformed as bond yields declined.

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The FTSE 100 joined the global stock market rally on Monday, as concerns about European political risk eased following the first round of French presidential elections, before levelling off for the rest of the week. Meanwhile, sterling strengthened against the dollar and other major currencies, as opinion polls showed Prime Minister Theresa May easing into a comfortable lead in the election race.

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Movements in the FTSE 100 were mostly sector driven, albeit with heightened intra-week volatility. Miners, boosted by higher metal prices due to a weak dollar, and telecoms pushed the index to record highs midweek, before handing some of the gains back as the banking and energy sectors weighed on performance. Sterling strengthened against the US dollar, as controversy surrounding Donald Trump resulted in the dollar index, which tracks the U.S. currency against six peers, falling to its lowest level since 9 November 2016 (source: Reuters).

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The FTSE 100 hit a multi- week high, driven by the recovery in oil prices and strong performance by the materials and banking sectors. Sterling fell in value against the dollar and other major currencies, as the Bank of England’s latest inflation forecast appeared to rule out interest rate hikes in the foreseeable future.

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