Sterling a little firmer

Sterling is a touch firmer against the dollar today trading close to $1.23 and has also gained a little ground against the euro to under 86p. The single currency, meanwhile, is hovering just above $1.05 against the dollar

Government bond yields have fallen further with US 10-year yields dipping below 3.10% and equivalent German and UK yields now down to around 1.45% and 2.30% respectively

The volume of retail sales in the UK fell by 0.5% in May and was 4.7% lower than in the same month in 2021. April’s gain in spending was also revised down quite a bit, to 0.4% compared to an initial estimate of +1.4%

The pace of activity in the Euro area economy slowed quite this month judging by the flash PMIs, with the Composite Index falling to 51.9 from 54.8 in May

Data due later include new home sales and consumer confidence in the US