Sterling received a boost against the euro on Friday, gaining over a cent, as the European Central Bank President highlighted his worries about Eurozone inflation and the need for extreme measures . However, the comments did also see sterling lose ground against the US dollar.
We should probably expect a quiet week for sterling after a few difficult weeks which has seen the UK currency suffer, largely due to the Inflation Report, . The main focus this week will be growth figures out on Wednesday, which will show how well the UK is tracking against growth forecasts for this year. We will also be expecting data indicating how well retailers and wholesalers are doing through consumer spending.