Yesterday sterling remained largely stable against the euro and US dollar over the course of the day, despite a small and temporary boost around midday. That has remained the case so far this morning.
There were no data releases of note yesterday, however a poll of economists from Bloomberg News suggested that the British economy shrank by 0.2% in the second quarter. We will hear the official GDP figures on Friday.
So far this morning we have had British retail sales for July, which showed a significant resurgence, as shoppers prepared for a summer that has proved to be sweltering.
In the business news, China has reported an 18% growth in exports.
In politics, the FBI raided Donald Trump’s Florida home, reportedly breaking open a safe as they looked for documents. In the UK, Tory leadership rivals were under pressure to do more for poorer households who are likely to struggle with gas and electricity bills this winter. The last Labour Prime Minister Gordon Brown called for an emergency budget before the UK hits the “financial timebomb” of the cost of living crisis.
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