The pound is still weak against the dollar this morning but has gained some ground against the euro since yesterday. It continues to suffer against the greenback due to poor economic data releases and a dip in the global markets.
Data released yesterday showed that UK retail sales were below seasonal norms in April. The cost-of-living crisis and changes in spending patterns have been cited as the causes, as well as rising inflation.
Later today, governor of the Bank of England, Andrew Bailey, will speak. The markets will be listening closely for any comments surrounding the UK economy and interest rates.
