Markets

The pound has climbed to its highest point since January against the dollar

The pound has jumped to its highest level against the US dollar since January this morning as the greenback continued to slump on uncertainty.

Sterling shot to a peak of $1.4296 against the dollar and rose to an 11-month high of €1.1589 against the euro, though at the time of writing it had edged down somewhat from those highs.

"Dovish minutes from the ECB [European Central Bank] yesterday, coupled with a wider story of USD weakness has ensured the pound continues to outperform against its main peers," said Joshua Mahony, market analyst at IG.

Read more: ECB boss warns that trade war could hurt global growth

Connor Campbell, financial analyst at Spreadex added:

The euros aforementioned softness, prompted by an ECB keen to dismiss the idea that it was changing tact policy-wise, helped the Eurozone indices eke out some mild growth after the bell.

The Dax was up 0.2 per cent and nearing 12,450, with the Cac just about re-crossing 5,300 with a 0.1 per cent increase.

The FTSE was down slightly at 7,253.84 due to the strength of the pound.

Read more: Dollar tumbles as pound hits two-week high

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