The dollar has started the week on a slightly stronger footing, posting decent gains against the safe haven Swiss Franc, Australian dollar and in particular Kiwi Dollar.
Sterling wavered yesterday after the release of very weak monthly UK GDP data. Growth contracted 0.4% mom in April and it is now likely that GDP growth will have slowed in Q2, potentially quite sharply, from 0.5% qoq in Q1. But the GBP/USD cross bounced back today, with markets taking some consolation from a pick-up in weekly wage growth in April, and is currently trading around the 1.27 mark.
