Sterling a touch weaker

The UK pound has softened a little against both the dollar and the euro to trade at just over $1.37 and a touch shy of 86.5p respectively this morning, while the single currency is holding its own against the dollar as it continues to hover just below the $1.19 level

German and US 10-year bond yields closed unchanged to marginally higher yesterday at -0.32% and 1.68% respectively, while equity markets in Europe ended slightly lower on the day with US stocks closing with modest gains

The Euro Area and UK economies both returned to expansionary territory in March judging by the final composite PMI readings, which rose to 53.2 and 56.4 last month respectively

The minutes of last month’s Fed meeting, published yesterday, noted that it would be “some time until substantial further progress” towards the central bank’s employment and inflation goals would be realised and so “asset purchases would continue until then”

Data due today includes the construction PMI in the UK and jobless claims in the US