The pound weakened against both the euro and the dollar yesterday after PMI data was released, which revealed that the UK manufacturing and services industries have fared worse-than-expected so far this month.
The war in Ukraine, high inflation and supply chain disruption were the main reasons for poor performance in both sectors. Sterling is starting to recover this morning.
Later today, Sue Gray will hand her report on the ‘partygate’ scandal to Downing Street. After this, the Prime Minister is due to make a statement to the House of Commons.
The euro strengthened yesterday due to confirmation from the European Central Bank that an interest rate hike will take place in July. It is still strong against the dollar this morning.
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