The pound is getting stronger against the dollar this morning but is still weaker against the euro, following Bank of England and European Central Bank meetings last week.
Yesterday, Bank of England official, Huw Pill, said that recent labour market and wage data supports the cause for further interest rate hikes this year. He also said that despite voting for a 25 basis points rate hike at the last meeting, he saw reason for his colleagues to vote for a 50 basis points hike.
The UK’s economic data calendar is empty today, however, GDP figures will be released tomorrow. GDP is expected to come in at 6.3% year-on-year.
