Sterling enjoyed a positive start to the day yesterday, as it strengthened against the dollar and euro. At one point it hit a one-month high against the single currency and a six-month high against a basket of currencies. However, following a statement released by the DUP party’s Arlene Foster, it slid back a little and more or less wiped out all of its gains against the greenback.
Construction PMI came in at 53.1 against an expectation of 51.1 which is the second set of November PMI data that has beaten forecasts. Today we have services PMI release so it will be interesting to see whether the recent trend can continue. It is forecast to increase from 55.6 in October to 55.9 in November.
In addition, we have the new car sales for November and the Bank of England’s Financial Policy Committee meeting minutes set for release.