The pound is still looking stronger against the euro this morning after strengthening at the end of last week. This was due to better-than-expected UK GDP data, as well as concerns over poor eurozone data and Russian gas weighing on the euro.
Data released this morning revealed that UK consumer confidence is at its lowest level since the start of the pandemic and has shown the biggest decline since the 2008 financial crisis. This is due to the cost-of-living crisis caused by soaring energy prices and inflation pushing up the cost of food and other goods.
It’s a fairly light week for economic data in the UK. Two Bank of England officials will speak later – Governor Andrew Bailey and Catherine L Mann. The markets will be listening for any comments on the UK economy and interest rates.
