Sterling rounded off a miserable week against the euro on Friday, and finished still lower against the single currency. Friday was the day when the UK’s recession was officially confirmed, as GDP figures revealed that the UK economy contracted at its fastest pace since 1980. It is the first time since 1991 that the UK has been in recession, although it has been on the cards for some time, with 2009 already looking tough for the economy. Better than expected retail sales figures were largely ignored by investors, as the negative sentiment surrounding the pound continues. News out of the eurozone was also poor, as soft data was released in both the service and manufacturing sectors.
There are no major economic announcements due in the eurozone today, whilst within the UK, mortgage approvals data is released.
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