Sterling has started the week well in early trading today, strengthening marginally against the euro and US dollar. However it is still slightly weaker than the start of last week against both.
It’s a busy week for data on this side of the Channel, but while the big events here will include high level data on unemployment, inflation, retail sales, PMI and consumer confidence, it could be the European Central Bank’s interest rate decision on Thursday that has most influence on the GBP to EUR exchange rate.
In politics, by Wednesday we will know which two candidates are going through to the Conservative Party members to vote on as Prime Minister. At the moment it looks to be Rishi Sunak and one other, but the markets will be very interested in who wins that contest. Sunak has this weekend announced that he would deregulate the City in the search for post-Brexit opportunities.
A heatwave is set to strike the UK today and tomorrow, potentially reaching the highest temperatures ever recorded in central England.
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