Dollar slides after US president exempts carmakers from 25% tariffs on Canada and Mexio; euro and sterling hit four-month highs

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

The pound has risen further to the heady heights of $1.29. It’s now trading above that level at $1.2916, the highest in four months and up nearly 0.2%.

8.30am GMT: Eurozone HCOB construction PMI

9.30am GMT: UK S&P Global Construction PMI

10am GMT: Eurozone retail sales for January

1.15pm GMT: European Central Bank interest rate decision (quarter point cut forecast)

1.30pm GMT: US trade for January, initial jobless claims for week of 1 March

1.45pm GMT: ECB press conference
2.45pm GMT: ECB staff macroeconomic projections

3.15pm GMT: ECB president Christine Lagarde speech

8.15pm GMT: Bank of England policymaker Christine Mann speech