The forward-looking economic indicators have continued to improve over the past month and are still pointing to a much smaller contraction in GDP in Q2 than in Q1. But we have yet to see anything that points to actual growth in the economy. Nonetheless, the markets have been happy to take the signs of green shoots at face value, as evidenced by the recent rise in the pound. Fortunately for the external sector, this rise has reversed only part of the previous falls in sterling.
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