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The pound strengthened following the Bank of England MPC meeting yesterday, as the markets believe the Bank is still on course to raise interest rates early in 2022.

However, thus far the pound is still fractionally down on most major currencies over the course of the week.

This morning we have seen consumer confidence weaken in the UK, with the GfK survey dropping to -13. “Consumers are clearly worrying about their personal financial situation and the wider economic prospects for the year ahead,” said Joe Staton, client strategy director at GfK

Later this morning we will see the CBI distributive trades survey for September. Last month it was at +60, its highest reading for seven years, but is expected to drop closer to 40 this month.

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