The pound continued to gain against the euro yesterday, hitting a three-week high as the single currency suffered due to the eurozone’s fractured response to the coronavirus. Sterling was also given a boost because of improved risk sentiment, which was fuelled by rising oil prices.
Despite this, sterling is weaker against the dollar this morning as it bares the weight of the greenback’s strength.
Action from various central banks has also helped the pound. However, a global downturn is still expected.
Today, we’ll see Services and Composite PMI data for March. Both figures are expected to fall dramatically, with Services predicted to come in at 34.8, compared to a previous reading of 53.2.
