GDP data was released this morning, revealing that the UK economy grew unexpectedly in May by 0.5%.
This beat expectations of 0.0% and growth was driven by a rise in holiday bookings and GP appointments. The pound has strengthened following this against both the euro and the dollar.
Conservative MPs are due to cast their first votes for their new leader and Prime Minister today. Each of the 8 candidates needs at least 30 votes to stay in the contest. A result is expected at 5pm.
Inflation data for the US will be released later, which is expected to show an increase on an annual basis. Core inflation, however, is expected to decrease. The outcome could determine the Federal Reserve’s next move on interest rates.
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