It’s been a torrid week for sterling, losing across the board by between 1 and 2.5% against major rivals.
The news has been almost universally bad. The Bank of England’s deputy governor commented that Brexit was damaging the UK economy as expected but more quickly than expected too. Strikes have continued throughout the week, with post, rail and civil service functions most affected. There was also a generally poor report from the IMF and questions even from his own party as to the effectiveness of Rishi Sunak’s premiership after 100 days.
However, Shell has announced its largest profits in 115 years – £32bn in 2022.
Bank of England chief economist Huw Pill told Times Radio this morning that while the Bank is determined to “see the job through” to bring inflation back to acceptable levels, they are wary of raising borrowing costs too high.
There is a final reading for PMI at 9.30am. The early part of next week includes data on house prices and new car sales.
GBP/EUR past year
