The pound fell by almost 1% against the euro yesterday following the European Central Bank’s latest interest rate decision but has made a good recovery this morning.
In the data world, UK consumer confidence figures were unchanged in July and better than market predictions. Similarly, retail sales in June outperformed market expectations, but fell overall annually, to -5.8%.
Later this morning we will see PMI figures for the UK, which are a useful indicator of how the economy is performing. Both manufacturing and services PMI are expected to rise in July.
