Sterling had a quiet day yesterday, falling against the euro but strengthening slightly against the US dollar. With no significant economic data released from the UK, market movements were dictated by events from its major trade partners. After initially weakening against the US dollar, sterling jumped following the release of the US Empire State Manufacturing Index, which came out weaker than expected. This indicates that poor weather earlier in the year is continuing to hamper manufacturing in the US.
Tomorrow sees the major data releases from the UK this week. In the meantime, today we hear Bank of England (BoE) Governor Mark Carney speak, which may provide some clues regarding future UK monetary policy.
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