dollar

Dollar jumps to 13-year high

Sterling fell slightly against most major currencies this morning after the Office of National Statistics reported higher-than-expected unemployment figures.

Weaker US data and ongoing expectations of tighter UK monetary policy have helped boost gold and sterling respectively as the dollar loses ground.

Sterling has climbed against a basket of currencies including the dollar this morning after the Bank of England altered its forward guidance policy and revealed GDP is expected to overshoot expectations.

The US dollar is closing in on a five-year high versus the yen, with gold heading towards a one-year low, ahead of the release of minutes from the Federal Reserve's historic December meeting.

The FTSE 100 has jumped almost 1% after former US Treasury secretary Larry Summers withdrew his candidacy to replace Federal Reserve chair Ben Bernanke next year.

Sterling has risen to a seven-month high against the dollar after the UK's unemployment rate unexpectedly dipped from 7.8% to 7.7%.

Gold has climbed above the $1,400 per ounce mark for the first time since June, re-entering a bull market as disappointing US data and worries over Syria push investors into safe havens.

The FTSE 100 has shed 40 points in early trading to move back towards the 6,400 mark, compounding losses suffered in recent days.

The dollar bear market witnessed over the past ten years is finally over, according to Fidelity's chief investment officer Dominic Rossi.