Sterling is still strong against the euro and the dollar this morning, holding onto its gains made after the local election results. GDP data released for the UK this morning shows that the economy shrank in the first quarter of this year but rebounded in March.
Chancellor Rishi Sunak has commented on the GDP figures, saying that “despite a difficult start to this year, economic growth in March is a promising sign of things to come.”
The euro strengthened yesterday after positive economic sentiment figures from both Germany and the Eurozone as a whole. The easing of restrictions in countries across Europe has boosted optimism for economic recovery.
In the US, the markets will be keeping a close eye on inflation rate data, which will be released this afternoon.
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