GBP
Yesterday saw Rishi Sunak secure the most votes in the second round of voting among Tory MPs with 101 votes, with Penny Mordaunt coming second.
Trade Minister Penny Mordaunt comes second with 83 votes, while Foreign Secretary Liz Truss places third again with 64.
Attorney General Suella Braverman finished last and was eliminated from the contest.
USD
Financial markets’ attention will continue to be fixated on the US where a barrage of fresh economic data releases is due today.
Forecasts are expecting headline sales to bounce back at a month-on-month pace of 0.8% following the 0.3% dip seen in May.
Some of the other US economic reports that will be published today include a preliminary reading on consumer confidence and inflation expectations for July, as well as import price and industrial production data for June.
EUR
The latest economic forecast released by the European Commission offers a pessimistic outlook of the times that lie ahead: prices in the eurozone will climb an average of 7.6% in 2022, while the whole EU will see a stronger surge of 8.3%
inflation across the European Union will remain extraordinarily high for the remaining of the year, keeping households and companies under long-term financial strain.
Italy’s president rejected the resignation of Prime Minister Mario Draghi yesterday after a day of political drama that threatened to bring down a national unity government that has been in office less than 18 months.
Draghi, the former European Central Bank (ECB) president, announced he was to resign yesterday after the 5-Star Movement, a coalition party, failed to back him in a confidence vote over his plan to combat soaring prices.
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