The pound is still weaker against the euro this morning. Sterling has strengthened slightly against the dollar and is still trading at higher levels than this time last month.
This is puzzling markets as recent data in the UK has been mostly positive. 95% of over 50s have now been vaccinated in England with 33 million people in the UK having received at least one dose. Additionally, optimism in the UK’s manufacturing sector has reached its highest level since 1973.
This morning, retail sales soared 5.4% in March, far exceeding market expectations of 1.5%. Clothing and non-food stores saw the biggest jump in sales. Later this morning, PMI data for April will be released.
