The pound weakened against the euro over the course of yesterday and is still weaker this morning. Against the dollar, sterling has strengthened, touching an 11-day high yesterday.
UK inflation rose for the ninth consecutive month to 9.4% in June. Bank of England Governor Andrew Bailey spoke yesterday at Mansion House and confirmed that a 50 basis point interest rate hike was likely in August, but a final decision was yet to be made. His comments provided initial support for sterling.
In the Tory leadership race, Rishi Sunak has once again topped the MPs’ ballot, while Kemi Badenoch has been eliminated.
