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Brexit pact boosts pound

Sterling bounced higher today, shortly after GDP figures showed the UK had narrowly missed a recession. But the move in the pound was more to do with the Brexit Party’s decision not to stand against the Conservatives in several hundred seats. Phil Dobbie asks NAB’s Tapas Strickland whether there’s been an overreaction – they could still dilute the vote in marginal Labour constituencies. The US dollar and stocks are lower as markets reacted to doubts on tariff rollbacks, whilst the Kiwi dollar, which was inexplicably lower last week, in inexplicably higher today. Plus, loans are lower than expected in China, the NAB Business Survey is released today and attitudes from Europe and the US with the ZEW survey and NFIB small business report.

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