The pound strengthened against the euro at the end of last week and is trading around the same levels this morning. It is weaker against the dollar.
This comes ahead of a busy week in the economic data calendar. Unemployment figures will be released for the UK tomorrow, followed by inflation data on Wednesday. UK inflation is expected to have risen to 8.9% in April, a jump from March’s reading of 7%. The week will finish with retail figures on Friday.
These data releases could have a bearing on the pound’s movements, especially if there are any surprises. Today, the Bank of England’s Monetary Policy Report Hearings will take place, where we will be reminded of the Bank of England’s plan for interest rates.
