After dipping last week following the Bank of England’s monetary policy meeting, the pound recovered on Friday and is trading around those levels this morning.
This week, all eyes will be on key data releases, which are due on both Wednesday, Thursday and Friday for the UK. On Wednesday morning, UK inflation data will be released, whilst PMI data is due to Thursday and consumer confidence and retail sales figures are expected on Friday.
The data is expected to show that inflation rose to 9.1% in May following April’s reading of 9%. Any surprises could impact the pound. Consumer confidence is expected to stay near a record low due to the cost-of-living crisis.
