The Pound is currently down a thin 0.09 percent against the Euro to 1.1261, and down on the greenback to 1.3931, a fall of 0.18 percent so far.
The FTSE is slowly climbing back, sitting at 7,192.79 shortly after opening.
Global markets are seemingly fighting back after two days of swings triggered by US job data.
There was widespread relief yesterday when the Dow Jones Industrial Average closed 567 points, or 2.3 percent up on Tuesday at 24,913 as the rally spread to European and Asian markets also caught up in the selling storm.
The Europe-wide Stoxx 600 is up 0.5 per cent with the German Dax in Frankfurt up 0.7 per cent.
In case you missed it yesterday, Jason Hollands from Tilney Investment Management Services explained the trigger for this turmoil and how good news in the real world can lead to market turmoil.
He told Express.co.uk that one of the oddities of financial markets since the aftermath of the global financial crisis is that bad news in the real world has often been greeted as good news by the capital markets and vice versa.
He added: “The sharp sell-off seen across global equity markets in recent days, following on from the rout in bond markets, has likewise been triggered by positive news in the real economy: much better than expected US jobs data released last Friday with average hourly wages growing 2.9 percent year on year and 200,000 new jobs added – 20,000 more than expected.
“That’s spooked the markets because it raises the spectre that a tight labour market in the US could see US inflation accelerate and in turn prompt the US Federal Reserve to raise interest rates more aggressively than the markets had anticipated if it decides to step in and stop the economy overheating.
“In this respect, the timing of President Trump’s massive tax cuts is perhaps unhelpful, providing a fiscal boost to an economy that is already in good shape.”
UPDATES TO FOLLOW BELOW…
9.07am – UPDATE – House prices
British house prices fell last month, pushing the annual rate of price increase to one of its weakest rates in more than four years.
The latest figures from Halifax showed on Wednesday that average house prices fell 0.6 percent in January, against a forecast of a 0.2 percent rise in a Reuters poll, lowering the annual rate of price growth in the three months to January to 2.2 percent from 2.7 percent in December.
This was the lowest year-on-year growth rate since July, when prices rose as their slowest rate in more than four years.
Russell Galley, managing director at Halifax said: “Although employment levels grew by 102,000 in the three months to November, household finances are still under pressure as consumer prices continue to grow faster than wages.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, told Express.co.uk: “In December, Halifax reported the lowest annual rise in house prices since 2012 and the first monthly fall for six months so today’s figures reflect confirmation of this trend.
“However, the Halifax numbers are a little historic. At the sharp end of the market, we’ve noticed better-than-expected viewings but won’t know whether this interest will translate into confirmed sales for the next few weeks at least. Prospective purchasers seem to be taking confidence from recent encouraging news about the economy and continuing low interest rates.
“Once again the market is showing considerable resilience and little sign of a larger correction.
“Nevertheless, sellers still have to be realistic and particularly recognise the importance of setting sensible asking prices if they are to generate offers.
“First-time buyers too are beginning to emerge from hibernation and take advantage of lower stamp duty, the government’s Help to Buy scheme and less competition from investors. However, lingering affordability and Brexit concerns remain common to all.”