The Confederation of British Industry (CBI) reports that business confidence in the country's service sector has dropped to its lowest level in 2.5 years. The business sentiment index fell to -43% in May, down from -28% in February.
On Tuesday, the pound edged lower against the dollar. Nevertheless, the British currency held near the three-year high it reached on Monday, as relatively upbeat economic data lifted market sentiment, Reuters reports.
Adam Button, who heads Forexlive's analytical department, in an interview with BNN Bloomberg on Monday stated his opinion that the Canadian dollar will strengthen to $0.74 by the end of the year. He attributed this appreciation to the increasing uncertainty in global financial markets.
UK food inflation rose again in May, reaching its highest level in a year, according to updated official figures. The British Retail Consortium (BRC) reported that prices climbed 2.8%, up from 2.6% in April, marking the fourth consecutive monthly increase, led by fresh produce.
The Canadian dollar strengthened to a seven-month high against its US rival as the American currency posted widespread declines.
The CAD publication is expected
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