The pound is stronger against both the euro and the dollar this morning but is still weaker than it was at the beginning of April.
Sterling could have been supported by better-than-expected manufacturing PMI data, which was released yesterday morning. The reading for April came in at 60.9, higher than the initial estimate of 60.7. This was the fastest pace of expansion for the sector since 1994 and has fuelled optimism about the sector’s recovery.
It’s a light day for data in the UK today, so the markets will now be looking towards the Bank of England’s meeting tomorrow and local election results on Friday morning. The Bank isn’t expected to make any changes, however, any comments from officials could have an impact on the pound.
