The pound has bounced a little higher this morning following better-than-expected GDP data. However, it is still 0.5% down on the week compared to the US dollar and around half that amount down against the euro.
Anyone buying Norwegian krone or Japanese yen, on the other hand, will be getting well over 1% more than last Friday.
GDP data released this morning has relieved fears of ‘stagflation’ – inflation + stagnation – and will please prime minister Rishi Sunak for whom “growing the economy” is one of his five pledges for 2023.
Next week is very busy for data. It all starts on Tuesday with unemployment and earnings. Will earnings now exceed inflation? We’ll hear inflation on Wednesday and then retail sales on Friday.
GBP/EUR past year
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