The pound dropped yesterday, and is still in a weak position this morning after the release of April GDP figures. The figures showed a slump in car manufacturing and a decline from the earlier boost in Brexit-related stockpiling. The worse-than-expected figure came in at 0.4%.
As the Conservative leadership race now gets underway, Tory MPs will engage in a series of votes, whittling the candidates down to just two. Conservative Party members will then vote for a leader. Boris Johnson is still currently the favourite, and the pound could react negatively if he has any success.
Unemployment rate and average earnings figures will be released later today, with mixed results expected.
