The pound has been supported this morning by better-than-expected retail sales data and is up around 1% against the dollar.
UK retail sales rose by 1.4% in April following a fall of 1.2% the month before. This surprised markets who had predicted a further decline.
While this has reduced some of the concerns around a recession, consumer confidence figures fell to an all-time low.
Markets will now be listening for any comments around the UK’s economic outlook when Bank of England chief economist Huw Pill speaks later.
In the US, disappointing data is weighing on the dollar. The number of Americans filing for unemployment benefits rose by more than expected and existing home sales also missed expectations.
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