The Euro and Sterling Are Seeing a Shift Towards Rate Differentials

Dominic Bunting: We're shifting from some sort of global perspective towards some more localized phenomena. So growth is starting to pick up locally. Inflation is softening a little bit. And that provides quite an optimistic picture for both the Euro and for sterling during the summer months. There are some risks, absolutely. But it's not in our view going to be enough for now to drag down that near-term momentum.