After falling at the beginning of the week, the pound is starting to recover against the euro this morning but is still weak against the dollar.
The final GDP readings for the first quarter of this year came in this morning, showing that the UK economy expanded 0.8% quarter-on-quarter and 8.7% year-on-year.
House price data showed that the growth of prices has slowed in June, reflecting the weaker economy, higher cost of living and rising interest rates.
In a speech at the European Central Bank’s forum yesterday, Bank of England governor, Andrew Bailey, said that a larger interest rate hike is “on the table” at the next monetary policy meeting.
