The pound fell sharply by over 1% against the euro yesterday as worries over the UK’s fuel and energy crisis increased.
UK gas prices surging to record highs, as well as the ‘panic buying’ of fuel have raised concerns of rising inflation and a stagnating economy, which has caused sterling to weaken. Any further news on this could continue to impact sterling in the coming weeks.
It’s a light day for UK data, however, Bank of England governor Andrew Bailey is set to speak later. In a speech on Monday evening, Bailey spoke of the “hard yards” ahead as the economy recovers from Covid.
