After strengthening earlier in the week due to positive jobs data, the pound is weaker against the euro and the dollar following UK inflation data released yesterday.
The data showed that the inflation rate hit a 40-year high, coming in at 9% year-on-year in April. Figures released yesterday also showed that the average UK house price increased by £24,000 in March, taking the average price of a home to £278,000.
It’s a quiet day for data releases in the UK today, but consumer confidence and retail sales figures will be released tomorrow morning.
