The pound remained strong yesterday and is still strong this morning after Prime Minister Theresa May said her plan to negotiate a customs arrangement was similar to that of the Labour Party, suggesting that progress has been made with cross-party Brexit talks. She also called for an end to uncertainty surrounding Brexit.
The Prime Minister sacked her Defence Secretary, Gavin Williamson yesterday due to ‘compelling evidence’ that he was responsible for leaking information on the government’s stance to Chinese mobile network ‘Huawei’. MP for Portsmouth North, Penny Mordaunt, will take on the role.
Today, the Bank of England will hold a policy meeting, though the markets do not expect interest rates to be raised due to Brexit uncertainty. Local elections also take place today, which will serve as a good indicator on public opinion towards major parties.
The pound was unaffected by poor manufacturing PMI, which hit two month lows of 53.1 in April.
