020 7898 0500Sterling weakened against both the euro and US dollar on Friday as the latest estimate of UK growth showed 0.5% economic growth throughout the previous quarter. Sterling fell close to a seven-month low against the US dollar.
A quiet start to this week sees no major data releases from the UK until tomorrow. Results of the latest bank stress test will be available tomorrow morning, and with Bank of England (BoE) Governor Mark Carney speaking later in the day we can expect some sterling movement. Alongside this, we will see the release of Purchasing Managers’ Index (PMI) data from the previous month, with the first of these released on Tuesday for the manufacturing industry. Construction sector data will follow on Wednesday, but investors will be eagerly awaiting data from the services industry, with growth in this sector likely to benefit sterling.
