After edging lower last week, the pound is stronger this morning, gaining slightly against both the euro and the dollar. Against the greenback, sterling is still stronger than this time last month.
Although strong data releases at the end of last week had little impact on sterling, they could support the pound going forward. News this morning reveals that EY ITEM Club have hiked their forecasts for economic growth in the UK due to the easing of restrictions and positive data.
Over the weekend, the Bank of England’s Deputy Governor, Ben Broadbent, said the UK is set to experience a “very rapid” recovery.
Pubs, cafes and restaurants are opening in Scotland and Wales today for outdoor customers. Meanwhile in India, hospitals are overwhelmed due to a surge in COVID-19 cases.
