The pound is stronger against the euro this morning following poor eurozone data that sent the single currency lower. Against the dollar, sterling remains steady as markets await the all-important US jobs data later today.
From today, millions of people in the UK will see their energy bills increase as the price cap set by Ofgem rises by 54%. This is to reflect an increase in the wholesale price of gas and will add to an already pressured cost of living situation.
In the latest update to the Russia-Ukraine conflict, several officials from the US have argued that the Russian President’s advisors are “too scared to tell him” the truth about how the Russian military is performing in Ukraine.
Putin has also announced that from today, “unfriendly” European states must pay for Russian gas in roubles. This is to try and boost the Russian economy that has been hit hard by the war.
US President Joe Biden has ordered a major release of oil from America’s reserves.
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