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From the FT on a historic day in London, here's the latest on markets. Now, if you didn't know that today is the day the UK kicks off the two-year divorce process with the EU, then really, where have you been? Nonetheless, the event does seem to be eating into sterling. Having swept lower yesterday, the pound has continued to weaken today, albeit mildly, against both the euro and the dollar.
It seems inconceivable that anyone could be taken by surprise by the triggering of the Article 50 divorce clause. So why is the currency dipping? Well, it's certainly vulnerable here. Having held a range for several months, a sour response from the EU could easily prompt a fresh leg lower. But a large part of it is also about the dollar, which is backing me up after a serious wobble at the start of the week in the Trump trade.
The buck is stronger against the euro and other major currencies too. That mix-- a weaker pound and a generally more upbeat tone in stocks, helps explain why the FTSE is also on the up. Lastly, again, the rand is falling as concerns that president Zuma could unseat his finance minister won't go away.
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