The pound is slightly weaker against the euro than it was earlier this week, but still trading around strong levels and seems to be edging higher this morning.
Sterling could be strengthening against the euro because of inflation data from yesterday, which showed that the annual inflation rate more than doubled in April, beating market expectations.
The reopening of the UK economy continues to support the pound. However, investors remain cautious about the Indian variant of the virus, which is dominant in some parts of the country. Nearly 3000 cases have been recorded after a surge in testing.
CBI industrial trend orders data will be released later today. This measures the level of factory orders from 500 companies in the manufacturing industry and will reveal how the industry performed in May.
