Sterling took a hit yesterday, and is still in a weak position this morning after it transpired that Boris Johnson is well ahead in the Conservative leadership race. He received 114 votes, with Jeremy Hunt coming in second place with 43 and Michael Gove in third place with 37 votes.
The pound has reacted poorly due to Johnson’s ‘leave at any cost’ stance to Brexit, meaning that a no-deal scenario is looking increasingly likely.
The next round of votes will take place on the 18th of June, with further ballots on the 19th and 20th of June. The ballots will occur until the candidates are whittled down to just two.
Sterling may react to Mark Carney’s scheduled speech, which is due to take place this afternoon.
