The pound is weaker against the euro and the dollar this morning following disappointing UK data.
Retail sales fell in March as soaring prices left many consumers with no choice but to cut back on spending, particularly on food and fuel. Consumer confidence fell to levels lower than those seen during the 2008 financial crisis.
The EU has urged people to work from home and drive less in order to reduce its reliance on Russian oil and gas.
Eurozone inflation reached 7.4% in March, up from the previous month. European Central Bank President Christine Lagarde will speak later today and markets will be listening for any comments of an interest rate hike.
In the US, Fed Chair Jerome Powell suggested that a May interest rate hike is “on the table”. This gave the dollar a boost.
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