Sterling was supported through much of yesterday, ending the day close to 1% up on the day against the US dollar and at one point hitting $1.20. Against the euro gains early on had all but disappeared by the end of the day and that has continued this morning, with a severe drop.
The first of the week’s big data releases is already out this morning, with unemployment remaining stable, the number of new jobs leaping, but the bigger story being the largest negative gap between earnings and inflation since records began, exacerbating the cost of living crisis.
Tomorrow it’s the turn of inflation, as well as the penultimate round of the elimination contests for new Prime Minister.
GBP/EUR past year
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