The pound is trading mostly around the same levels against the euro but has weakened against the dollar after upbeat US data yesterday and disappointing UK retail sales data this morning.
UK retail sales decreased for the fourth month in a row, coming in at -0.9% compared to the expected 0.5%. This is thought to be attributed to the supply chain problems last month. Despite this, if we look at the bigger picture, retail sales volumes are still 4.6% higher than their pre-pandemic level.
Prime Minister Boris Johnson continues to implement a major reshuffle of his cabinet, with numerous promotions and demotions, including the firing of Gavin Williamson as education secretary. However, there appears to have been no significant changes to those in economic positions, with Chancellor of the Exchequer Rishi Sunak keeping his role which seems to have reassured markets.
A travel announcement is also expected later today. There are rumours of some substantial changes to the current system, including changes to the testing requirements.
