Main currencies steady

The main currency pairs are largely unchanged this morning with the euro continuing to trade in and around $1.20 and 86.5p against the dollar and sterling respectively, while the pound is still hovering around the $1.39 level against the US currency

Equity markets chalked up modest gains yesterday while core bond yields nudged down a bit with German and US 10-year yields closing at -0.24% and 1.57% respectively

The ISM index of services sector activity in the US dipped a little in April but at 62.7 is still consistent with strong growth in this sector of the economy

The Bank of England’s Monetary Policy Committee announces its latest policy decision today. It is likely to leave well enough alone and keep both interest rates and the size of its bond purchases programme  unchanged

Data due today includes retail sales in the Euro Area, services PMI in the UK, and jobless claims in the US