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The index closed up 29.92 points on the day’s trading when it opened at 7,517.71, a rise of 0.40 per cent. Trading closed though slightly down on the day’s high of 7,554.21. The previous FTSE 100 closing high had been 7522. Its rise follows on from US indices which hit record highs on Thursday. Both the S&P 500 and the Nasdaq reached record closes, fuelled by tech and retail stocks.

Getty The FTSE 100 closed on a new all-time high today

While the UK’s top stocks and shares were riding high, the pound was continuing to slide after strong US growth figures and the latest polling figures regarding the general election. Sterling fell to a two-month low against the euro during the morning and while it has recovered some ground is still struggling. Often the FTSE 100 and sterling move in opposite directions at the same time due to a weak pound make exports more competitive, drawing in investment to those companies.

How to get the best exchange rate Sun, July 15, 2018 Exchange rate: How to get the best deal on your holiday money. Play slideshow Getty Images 1 of 8 How to get the best exchange rate

While the pound has been on the slide since the UK voted to leave the European Union (EU) that has benefitted British companies. The FTSE’s performance was also helped by the announcement that the US economy grew faster than first thought during the first three months of the year. Initial estimates of the country's GDP performance suggested growth of just 0.7% between January and March, but this has now been upgraded to 1.2%.

Reuters Prime Minister Theresa May (L) with Donald Trump at the G7 meeting

The better-than-expected figures pushed the value of the dollar upwards, meaning sterling is now worth more than a cent less than it was this morning. Also causing the pound to struggle were the release of the latest polling intentions as Labour continued to narrow the gap with the Conservatives now just five points ahead, according to the latest poll. That intensified investors’ worries about a possible economic slowdown and the upcoming Brexit talks.

PA The pound has been on the slide today