Money News Overview Monday 10th June: Pound hits 34-month high against the euro

Yesterday's financial markets remained relatively tranquil, with trading conditions reflecting a quiet data schedule that kept price activity in check.

This morning, the pound euro sits at a 34-month high!

The gains come on the back of Fridays strong U.S. job report, which lowered the odds of a U.S. rate cut.

Following the development on Friday, it also lowered the odds of a UK rate cut boosting the pound.

Last week the euro weakened off following the decision by the ECB to cut interest rates.

Tomorrow for the UK we have the employment figures that will be closely watched followed by Wednesday’s Industrial production and Growth figures.

Markets will be looking for a 0.1 percent month-on-month rise in April. Should this come in lower than expected, we could see the pound lose some of its gains.

t’s a big week for the UK in terms of data that will be closely watched by the MPC.

Elsewhere, French President Emmanuel Macron has called a snap parliamentary election, after the far right surged in the European election this weekend.

This news has further weakened the euro.

In terms of data, it is a quiet week in the eurozone with no major events on the calendar.