The pound was strong against the euro but dipped against the dollar on Friday. It recovered from Thursday’s losses following the Bank of England’s announcement, however, was down overall on the week as the markets awaited general election developments. Sterling is looking strong this morning against both the euro and the dollar.
A series of data will be released for the UK today, including Balance of Trade and GDP figures. GDP is expected to come in at 0.4% for the third quarter of this year, which would be an improvement on the previous figure of -0.2%. It is thought that this growth will be driven by the service sector. We could see the pound move positively if the figure comes in as expected.
We’ll also see the release of industrial production figures, as well as inflation rate on Wednesday and retail sales on Thursday.
