The pound remained strong against the euro and the dollar throughout the course of yesterday, and is still strong this morning. This came after the Bank of England’s monetary policy meeting. The Bank were more positive than expected when commenting on the UK’s economy, and it left interest rates and quantitative easing unchanged.
Governor of the Bank of England, Andrew Bailey, expressed worries over unemployment, but has backed the ending of the government’s furlough scheme. He said that it’s right that people now have the opportunity to find new jobs as the economy recovers.
UK Construction PMI data was released yesterday, showing a positive reading of 58.1 in July from 55.3 in the previous month, easily beating market expectations of 57. The latest reading signals the steepest expansion of overall construction work since October 2015 and shows that the sector is now growing again as lockdown restrictions have eased.
