Major currencies are doing little this afternoon. The Euro is broadly stable despite the German Ifo business confidence index falling further in April to 102.1 from 103.3 in March and Sterling failed to react to the release of strong public sector borrowing data for the UK fiscal year ending March 2018. The deficit of £42.6bn was equivalent to 2.1% of GDP – the lowest ratio in 16 years – and below the government’s target of 2.3% of GDP. Markets are seemingly focussing on the bigger picture and currently struggling to find a convincing story to move the Euro or Sterling either way.
