The pound strengthened against both the euro and the dollar yesterday and is still stronger this morning due positive news about coronavirus infection rates.
Figures show that China is beginning to emerge from the crisis, with the travel ban on the Hubei province being lifted from today. Infection rates in Italy have also slowed. This good news has helped the global markets and, in turn, has made a positive impact on sterling.
The first batch of UK economic data to illustrate the effects of coronavirus was released yesterday. Both services and manufacturing PMI fell into contraction territory, with services falling dramatically from 53.2 to 35.7.
There will be more data releases today, including inflation rate figures and the Retail Price Index. Tomorrow, the Bank of England will hold their official meeting after making two emergency interest rate cuts.
