Sterling continues to trade at its lowest level since December after stagflation fears triggered by the recent spike in energy prices helped accelerate the flight towards the US dollar.
The pound is now at 1.34 versus the greenback, with the US currency increasingly seen as a safe haven for investors worried about recent economic developments.
In corporate news, gene sequencing firm Oxford Nanopore got off to a flying start on its London market debut as conditional dealings sent the shares up 30% for a valuation of about £4.4 billion.
