The pound is stronger against the euro and dollar this morning following positive retail sales, which were released at the end of last week. The markets predicted a decline in April; however, sales rose by 1.4%.
The next set of notable UK data will be PMI figures, which are due to be released tomorrow. This data will indicate how the services and manufacturing industries have performed so far this month.
Comments from European Central Bank officials have supported the euro recently and it is stronger against the dollar this morning. Several policymakers have suggested that interest rates should be raised soon, and the markets have priced in a hike for July.
The dollar is suffering due to improved risk sentiment, which has been sparked by the easing of lockdown in China. All eyes will be on the release of the Federal Reserve’s meeting minutes this week.
Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on 020 7898 0541 to get started.
