The pound is still strong against the euro, reaching a 5-week high yesterday. Although it has weakened slightly this morning, it is still trading around those levels. Sterling is also still strong against the dollar.
This sterling strength began at the start of this week when political risks were cleared following the local election results. The reopening of the economy and the successful vaccine rollout in the UK, may also be continuing to support the pound.
It’s a light day for economic data releases in the UK, but Bank of England Governor, Andrew Bailey, will speak later today. Investors will be listening for any comments following the Bank of England’s monetary policy meeting last week.
