020 7898 0500With no UK economic data releases of note yesterday, any sterling movements were likely to be caused by events elsewhere. And so it proved, for it climbed ever-so-slightly higher against the euro in anticipation of the ECB interest rate decision later today, and weakened against the dollar following reports that the US Treasury yield pushed through the 3% barrier.
Today is a little busier in the UK, with the finance mortgage approvals for March coming in. They are expected to have dipped from 38,100 to 37,100. We will also see the CBI distributive trades for April. From -8 in March, they are expected to have pushed up to 5.
It is worth looking at the chart below which shows sterling’s movements against the dollar over the previous month. You can clearly see how quickly things can change.
