Sterling struggled mid-week despite some positivity from UK high streets and the services sector, according to S&P services PMI.
The pound dropped more than a 1% against the US dollar. Most of the damage came from the dollar side of the equation, with positive economic data releases all round but marginally better in the US.
Against the euro there have been some rapid rises and falls in this first week back. Until this morning, the pound was standing where it has been since falling following the interest rate decision in mid-December.
However, this morning we have just heard the Halifax House Price index showing a fall of 1.5%, the fourth fall in a row but at a slower rate of decline compared to last month’s 2.4% drop. Good news for some, as yesterday data from the 2021 census revealed that renting had doubled since 2001 in the UK. Shortly we’ll hear Construction PMI.
Again, however, it could be the US side that governs events for GBP/USD, with non-farm payrolls at 1.30pm
GBP/EUR past year
