The pound is slightly weaker against the euro and the dollar this morning, mainly due to strength from the single currency and the greenback.
A series of economic data was released for the UK this morning. GDP figures showed that the UK economy slowed more than expected in February, growing 0.1% month-on-month. This was lower than expectations of a 0.3% rise and January’s figure of 0.8%.
Whilst the service sector was the main contributor to growth, this was offset by a drop of activity in the production sector, particularly in manufacturing.
The markets will be looking to unemployment figures tomorrow and inflation data on Wednesday. Inflation is expected to have reached 6.7% in March; however, any surprises could impact the pound.
