Poor economic data yesterday had little impact on the pound, as continued optimism over the election helped to keep the pound up against the euro.
German GDP figures this morning show that the German economy has grown, meaning that a recession has been avoided. Industrial production data, released yesterday, was also better than expected, avoiding entering contraction territory.
The Federal Reserve’s Jerome Powell gave no hint of policy changes in yesterday’s speech, emphasising that the current stance would ‘remain appropriate’ for the moment. His testimony to Congress will continue today.
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