Sterling lost fractionally to the euro yesterday but has largely held onto its gains from positive PMI and government debt data on Tuesday. It is currently well up on most of its nearest 10 rivals compared to last Friday.
It has been least impressive against the US dollar, a little down on the week and close to 3% weaker than at the start of February.
This morning we’ve heard positive news on GfK consumer confidence, which has risen 7 points to -38 (better than the markets hoped for), but disappointing news on car production, which slipped down (against market expectations which were for it to rise).
Monday starts slowly for the data this side of the Channel next week. We have to wait until Wednesday for lending and mortgage information, plus manufacturing PMI (which is likely to be less influential than this week’s services PMI).
However, Bank of England governor Andrew Bailey will be talking on Wednesday, and markets will be listening closely to his words.
GBP/EUR past year
