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FTSE 100 edges lower as pound extends gains on prospect of Tory majority

The pound has climbed to its highest level against the euro since May 2017, driven by hopes of the Conservative Party winning a majority in the upcoming election, dragging the FTSE 100 lower in the process.

The pound soared to its highest level against the euro since May 2017 on Thursday, driven by hopes of the Conservative Party securing a majority in the upcoming election. However, sterling’s gains have helped to drag the FTSE 100 lower.

GBP/EUR rose to €1.18384 on Thursday, with Willem Klijnstra, currency analyst at Legal & General Investment Management telling the Financial Times that an election win for the Tories is ‘baked in' to sterling’s valuation.

‘A Tory-led government is baked in today. The tail risk is that doesn’t happen,’ Klijnstra said. ‘If we do get a Conservative win then we are straight back to Brexit.’

You can go long or short GBP/EUR with IG using derivatives like CFDs and spread bets.

FTSE 100 edges lower after pound surges

The blue-chip index traded down slightly on Thursday morning, with less than a week to go until the UK general election on December 12.

The FTSE 100 is down 0.24% to 7,171 as of 10:25 GMT, with the investment manager M&G among the biggest fallers, sliding 3.4% to 216p a share.

The steel manufacturer and mining company Evraz, along with packaging company DS Smith, have also helped dragged the index lower, with the pair sliding 3.4% and 2.8% respectively.

Looking to trade the FTSE 100 and other major indices? Open a live or demo account with IG.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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