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Can the major indice of an exporting nation decrease at the same time the currency devalues?
In the UK, the FTSE100 is achieving record highs at the same time the currency (GBP) is depreciating rapidly.
The media often correlate the two events by reporting that since the indice is made of 100 multinational companies who trade primarily in foreign currencies; a weak pound allows them to book larger profits after they trade back into the GBP domestically.
However, can the FTSE100 decrease at the same time the currency also decreases in value or must the two levers always go in separate directions?