Sterling fell against the euro yesterday, taking its losses on the week to just over 1% and against the US dollar to around 0.5%.
However, sterling remains close to where it was before Christmas and has strengthened against its other main dollar rivals AUD, CAD and NZD.
In a week when the Bank of England will decide Interest rates, earnings have today been shown to be rising at a slower rate than inflation, while unemployment has fallen again as the number of job vacancies rose to its highest level since records began, 1.3 million.
In the business news, there are worries that Russia is defaulting on its debts, with Russia’s treasury issuing warnings over its $117m bond debt owed to foreign creditors and due tomorrow.
In China, the ‘zero Covid’ policy has meant several major cities entering lockdowns, which could have an effect on the global economy and supply chains. It is already causing the oil price to fall and has hit local stock markets.
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