FTSE climbs 1% as weak dollar boosts miners

The FTSE 100 rose 0.9% to 5,791.10 in early morning trading as a weaker US dollar provided support for mining stocks.

An announcement by G20 countries they will work together to avoid 'competitive devaluation' of currencies over the weekend was interpreted as negative for the US dollar. This morning, the US dollar fell to a fresh 15-year low against the yen, down nearly 1% to ¥80.65. Xstrata led risers, up 3.64% to £13.36, followed by a 3.3% gain for Kazakhmys to £13.77, while Rio Tinto advanced 2.75% to £42.17. Meanwhile, Lloyds led fallers, dropping 1.42% to 70.83p, followed by Invensys, down 0.84% to 317.7p. On Wall Street, the Dow Jones slipped 0.13% or 14.01 points to 11,132.56 on Friday....