More of the same

It is a case of more of the same really on the currency markets with not much change in the main exchange rates. The euro and sterling are trading at around $1.21 and $1.38 against the dollar respectively, leaving the single currency-pound rate still trading just below the 88p level

European stocks ending marginally higher yesterday, gaining around 0.5%, while their US counterparts ended largely flat on the day. In the bond markets, German 10-year yields were a little lower at -0.46% while equivalent US yields nudged up a bit to 1.16%

The UK economy partially recovered in December as public health restrictions were eased, according to data published earlier this morning, with GDP increasing by 1.2% following a decline of just over 2% in November. The data also show that the economy posted a record contraction of 9.9% last year

The European Commission expects the Euro Area economy to expand by 3.8% this year having contracted by almost 7% last year, according to its updated forecasts, with growth of 3.8% also projected for 2022

Data due today includes consumer confidence in the US