Sterling swung by around 0.5% against the euro yesterday before returning to where it started the week. It showed some growth against the US dollar and is currently close to 1% against its lowest point on Monday morning.
Early movements this morning are so far generally negative for sterling.
While stock markets have been crashing globally and central banks wrestle with the inflation/growth conundrum, the currency markets enjoyed a relatively stable start to the week.
In the Queen’s Speech opening parliament today, the government is expected to focus on the economy, with measures to remove some rules on – for example – business investment and planning controls.
Of concern to business may be news this morning that the Foreign Secretary is about to abandon the Northern Ireland protocol, setting up a conflict with the EU.
Elsewhere, the airwaves are alive with speeches from central bankers from the UK, EU and US, outlining their plans to control inflation while promoting growth.
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