A mixed day for sterling saw it make positive gains against the euro, while finishing the day narrowly weaker against the US dollar. Following the recent decision by the European Central Bank (ECB) to cut interest rates to 0.15%, a report published yesterday showed that investor confidence in the euro had fallen. This saw sterling fare well against the euro, holding near recent 18-month highs as the stark difference in monetary policy between the UK and Eurozone continues to favour sterling. With little economic data from either the UK or the US, sterling traded narrowly against the dollar throughout Monday, seeing no major swings.
Today sees the release of manufacturing production figures, which are expected to show growth of 0.4% throughout April, a fifth consecutive month of growth.