The pound has lost strength against the US dollar and the euro compared to this time last week. This follows a choppy few days against both competing currencies.
Shopper tracking agency Springboard reported that this year saw a 50% rise in Boxing Day sales shoppers, compared to last year, when the Omicron variant of Covid-19 hit the UK. Despite the rise in sales, footfall remained 30.5% down on 2019 levels.
In the latest industrial strike news, around 1,000 members of the PCS union, many of whom work in passport control, will walk out from today up until December 31st. PCS union has warned strikes could last for months unless the government enters talks over pay.
Rail disruption will also continue over the course of today and Thursday, with TSSA union members at Great Western Railway and West Midlands Trains on strike.
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While the UK will see its next key data release on Friday, this week eurozone markets are poised for Spain’s latest retail sales data will be released tomorrow. This is ahead of Spain’s inflation rates which are scheduled for Friday.
On Monday evening, US market participants saw the dollar retreat against the Australian and New Zealand dollars as the risk appetite improved following China’s promise to scrap its Covid quarantine rule for inbound travellers. Today the dollar is still weaker against both currencies, but is stronger against sterling compared to this time last week.
