UK dips after dollar surges overnight on rate hike expectation

UK markets opened lower Friday after a tough session in the US where stocks suffered sharp losses on the expectation of an imminent rate hike by the Federal Reserve.

Both the S&P 500 and Dow Jones indices closed the day 1.6% down, while the more technologically biased Nasdaq was hit as much as 2%, as Apple's stock fell 3.8% on the day. The losses came as the US dollar strengthened another 0.2% against a basket of major currencies, adding to is biggest quarterly increase in six years of 6.8%.  The dollar rose following speculation the Federal Reserve may be getting closer to a rate hike, based on forecasts from major banks Goldman Sachs, Morgan Stanley and Bank of America. Investors are worried the strong currency will affect the overseas profit...