The euro was strong against the pound after the European Central Bank passed larger-than-expected stimulus measures, taking its total bond purchase programme to €1.35 trillion and extending it six months longer than the original plan, until June 2021. The ECB also, as expected, announced that interest rates would be held on hold.
This morning, figures showed that German factory orders dropped steeply in April, although this is not to be unexpected. There is some optimism nonetheless that figures next month will show that the decline has eased a little in May.
