The pound is still stronger against the euro this morning but has weakened slightly against the dollar.
Bank of England official, Sir Jon Cunliffe, spoke at the beginning of the week on inflation. He said that worries over 1970s-style inflation were overblown, and that the Ukraine war might lead eventually to a lowering of inflation to below the 2% target. He was the only Monetary Policy Committee member to vote against an interest rate hike in March.
The final Services PMI reading was released yesterday, higher to 62.6 in March of 2022 from a preliminary of 61 and up from 60.5 in February. This highlighted a continued rebound in growth following the Omicron wave at the end of last year. Construction PMI will be released later today.
