020 7898 0500Sterling remains on the front foot against both the euro and US dollar. However, it has still not been able to break through key psychological levels. It remains near the seven-month high against the dollar having climbed nearly 5% in the past month – ever since Theresa May announced a snap election.
The Bank of England’s (BoE) ‘Super Thursday’ will be watched closely, especially for clues regarding future interest policy and forecast growth in the UK economy. Inflation has risen above the BoE’s 2% target, outpacing wage growth, but last week we also saw the disappointing first quarter (Q1) Gross Domestic Product (GDP), which dropped from 0.7% to 0.3%.
Meanwhile, Jeremy Corbyn formally launched Labour’s election campaign. Speaking in Manchester, he stated that he will target ‘tax cheats, rip-off bosses, and greedy bankers.’ He did, however, refuse to say for certain whether the UK would leave the EU if Labour wins the election. Perhaps Brexit doesn’t mean Brexit after all.
