After strengthening yesterday following better-than-expected UK jobs data, the pound is slightly weaker against the euro and dollar this morning.
Data showing that the UK added more jobs than expected in March, as well as unemployment falling to its lowest level since 1974, boosted the pound against both the euro and the dollar. This positive data also increased expectations for further interest rate hikes from the Bank of England.
Inflation rate figures were released for the UK this morning, showing that inflation in April rose to 9% year-on-year. This is an uplift from March’s reading of 7% and slightly lower than expectations of 9.1%. Energy, food and petrol have driven inflation higher.
