Sterling suffered a tough start to the week, falling to a 1-week low against the US dollar and a 1-month low against the euro. Comments from the Deputy Governor of the Bank of England (BoE) suggested that continued sterling strength may be to the detriment of the UK economic recovery. Furthermore, Friday’s better than expected US employment data, coupled with poor Chinese export data, pushed sterling lower against the US dollar. With little data released in the markets, sterling also struggled against the euro which continues to be supported on the back of Thursday’s European Central Bank (ECB) press conference.
Today sees a chance for sterling to recover some lost ground, with manufacturing production figures for the past month, as well as inflation report hearings to be released.
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