Government advice is urging people within 8 different Covid areas in the UK not to gather indoors. This is for Kirklees, Bedford, Burnley, Leicester, Hounslow, and North Tyneside; people in these areas should avoid meeting indoors as they have high cases of the Indian variant. This advice came out on Friday with no announcement, and it is seen as an extra cautious approach.
The government borrowing fell in April, as parts of the economy stated opening again after lockdown, measures eased up. Borrowing was £31.7bn which was £15.6bn lower than last April. This was the second highest for April since the records started. Borrowing has been remarkably high as billions has been spent on furlough payments.
In regards to the currency markets, they traded within a narrow range yesterday; this was expected due to the lifeless macro data releases. EUR/USD traded in a very tight range yesterday and the EUR/GBP pair continued to trade within a similar range from the last couple days.
There has been a quiet tone in regards to the currency markets over the night; therefore, this morning the main currency pairs have started out at a very similar range as yesterday. The dollar remains to hold a softer tone this morning. The GBP/USD pair is climbing very slightly.
For the day ahead, compared to yesterday there are a few more highlights to look out for today. In regards to the Eurozone, German Ifo measure of business sentiment for May is the main highlight. In the US, the Conference Board survey of consumer confidence is now due. However, these data releases are not expected to change the FX pairs much or at all.
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Todays Economic Calendar
Tue 25th GER: 07:00 Q1 GDP (Second Reading
GER: 09:00 German Ifo (May)
UK: 11:00 CBI Distributive Trades (May)
US: 14:00 Case-Shiller House Prices (March)
US: 15:00 Consumer Confidence (May)
US: 15:00 New Home Sales (April)