The pound is weaker against the euro and the dollar this morning following disappointing data.
PMI figures for the UK – which measure the expansion of a specific sector – revealed that the manufacturing sector contracted in March, but the service sector expanded. Consumer confidence has fallen significantly, from -26 to -31, as people face a ‘wall of worry’ with the Ukraine war, rising cost of living and the pandemic. Retail sales also fell.
Following three global summits yesterday, Prime Minister Boris Johnson has announced new sanctions on Russia, including a private military firm and a major Russian bank, and has suggested doing more to stop Russia using its gold reserves to support its currency.
Speaking yesterday, he said “it’s now up to NATO to see how much we can do to help the people of Ukraine.” The UK has also announced plans to send 6,000 more missiles to Ukraine.
