Another decent day for the pound has sent the FTSE 100 down on Monday morning, pushing it into negative territory for the year to date.
The pound is 0.5 per cent stronger against the dollar at its highest level since before Christmas, putting pressure on the FTSE.
The index′s fortunes have closely tracked sterling in recent months, tending to rise when the currency falls and vice versa. The index is dominated by multinational companies, which benefit from a weaker pound which makes their exports more competitive and increases the relative value of their foreign earnings.
Insurance group Admiral was the biggest faller, with shares down 2.5 per cent after Deutsche Bank cut its recommendation.
The FTSE started 2017 with a bang, repeatedly setting new all-time highs on a record-breaking 14-day run of gains, but it has reversed them in the last week and is now 0.08 per cent below where it started the year.
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