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Sterling picked up to its highest level since the start of the month as the dollar reversed its early gains on Thursday morning.

The dollar index, which tracks the buck against a basket of peers, is now off 0.12 per cent at 100.11.

The pound was the main beneficiary of the decline, climbing 0.27 per cent at publication time to $1.2572 ahead of speeches on trade and Europe from the prime minister and international trade secretary later this morning.

Gold also mirrored the dollar’s turnround, rising 0.12 per cent to $1243.71 per ounce, just shy of the three-month intraday high it hit yesterday.

The euro made more modest progress, rising 0.09 per cent to $1.0707, while the yen is still struggling, with the dollar up by 0.24 per cent on the day at to Y112.20.

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