Sterling weakness following the UK's decision to leave the European Union last year has proved to be something of a silver lining for FTSE 100 investors.
The index fell on the morning of 24 June 2016 by circa 9%, while sterling plummeted to a 31-year low against the US dollar. However, the Brexit 'bounce' saw the FTSE 100 soar to a record closing high on the last day of trading in 2016 to finish at 7,142, while in January the index achieved its longest winning streak since 2009. The bounce largely reflected the fact the index is dominated by globally-exposed firms, and many report earnings in dollars and are thereby benefitting greatly from sterling's fall. Sterling shorts reduced in 'drastic fashion': Investors react to UK snap e...
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