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mpc: 5 Equity prices had continued to rise, with the FTSE All-Share index more than 2% higher on the month. Strong corporate earnings news, along with merger activity, appeared to have been among the factors driving up equity prices. The general buoyancy of asset prices could perhaps be related to high levels of global liquidity. On the foreign exchange markets, sterling's effective exchange rate index (ERI) was down around ½% on the month, broadly consistent with movements in relative interest rates.