The pound was this week boosted by the potential certainty arising from the imminent government White Paper on Brexit. In addition, the previous month’s employment data gave some hope. Total earnings were up by an annual 2.6% and basis wages – excluding bonuses – rose by 2.9%. Both of those were on the right side of the 2.5% inflation reading.

Euro zone inflation slowed in April, Eurostat confirmed on Wednesday. Inflation in the 19 countries sharing the euro currency was unchanged at 1.2% in April. While ECB policy makers debate whether to phase out their monetary stimulus package, their target of close to 2% is proving rather elusive and no change is expected in ECB policy in the near future. Germany also announced unchanged inflation rates of 1.6% (CPI) and 1.4% (HICP).

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