It was a positive week in terms of US data releases. Tuesday saw the release of inflation figures, which showed the biggest growth in just under a year. Following this, we saw industrial production data, which showed positive signs, rising to the highest level in three months. Wednesday saw the release of the US Federal Reserve Meeting minutes, with support being seen concerning a possible interest rate hike in June, as long as the economic data stays positive. We saw the US dollar strengthen as a result; however, with a stronger sterling meant that the US currency saw some weakness against the pound.
Today we see the start of the G7 meetings, which involves the US. Finance ministers and central bank governors will convene in Japan to discuss issues related to economic growth, in advance of the G7 summit next week.
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