GBP review

Sterling has been a chief benefactor of the dollar's retreat from multiyear highs. And the timing of it has helped temper sterling risks related to Britain's big national vote for a new premier on May 7. 

And having baked in much election risk and uncertainty, markets now seem to looking beyond the election and turning their sights back on the economy which remains one of the strongest in Europe. 

Admittedly though data this week showed the U.K. economy grew 0.3% in the first quarter, the slowest rate in two years which leaves prospects of a rate hike on a distant horizon.