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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, or a bit 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 back on the up after a serious wobble at the start of the week in the Trump trade.

  • The buck is strong against euro and other major currencies too.

  • That makes a weaker pound.

  • And a generally more upbeat turn 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.

From the FT on a historic day in London,

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Pound falling as UK starts Brexit | Market Minute

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    missnerdypants posted on 2017/03/30
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