The pound is weaker against the euro this morning, falling from the highest level since 2016 achieved at the beginning of this week. This is mainly due to euro strength. However, it is still trading around strong levels against the euro.
Plans were revealed yesterday for the UK to phase out imports of Russian oil by the end of this year. The UK currently gets 8% of its oil from Russia and analysts say that prices will rise as a result.
Ministers are also introducing another sanction on Russian planes. They will make it illegal for any planes owned by Russians to enter UK airspace, which is designed to target private aircraft owned by wealthy Russians.
It’s a light day for UK data releases, so the markets will look to Friday for UK GDP data and industrial production figures.
