After a difficult April so far, the pound hit a one-week high against the dollar yesterday. It recovered from a setback due to the resignation of the Bank of England’s Chief Economist, Andy Haldane. However, sterling is still weaker against the euro.
It is thought that the UK’s successful vaccine programme has been priced into the market. For Europe, however, signs progress with their vaccines is having a positive effect on the euro.
Data released yesterday showed that labour productivity in the UK sank by 4.3% quarter-on-quarter in October to December of last year, compared with expectations of a 4.5% drop.
