020 7898 0500It was a quiet day for UK economic data yesterday, so attention was trained on the US and eurozone. Releases from both areas helped sterling strengthen against the dollar, but it weakened once more against the euro. It just goes to show how direct an influence economic data releases can have on currency movements from one day to the next.
Today is slightly busier, as we’ll see the Gfk consumer confidence figure for May, as well as Nationwide housing prices and mortgage approvals. All are unlikely to have too much of a bearing on sterling movements, although they might reinforce the notion that the UK economy is currently struggling.
On Friday, we’ll see the manufacturing purchasing managers’ index for May, which is expected to drop from 53.9 to 53.5.
