The pound is weaker against the dollar and is still struggling against the euro after a dovish speech from Bank of England Governor, Andrew Bailey.
Despite warnings from the Bank’s outgoing chief economist over rising inflation, Bailey defended his monetary policy claiming that the rise was temporary and that it was important not to “over-react”.
In the eurozone, President of the European Central Bank, Christine Lagarde, gave a reassuring speech around inflation. Nonetheless, this failed to impress markets or boost the euro.
The dollar remains strong, but this strength could be affected by the Non-Farms Payroll report which is due to be released at lunchtime.
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