The pound continues to remain under pressure, as it briefly dipped again this morning, but recovered by lunchtime. Following the weekend, sterling has come out higher against most major currencies, strengthening by 1% versus EUR and USD.
Although there is no obvious data driving the dips and subsequent recovery of the pound, it is encouraging to see that the pound is not just on the way down.
On Monday afternoon (11th July), Andrea Leadsom withdrew from the leadership race, and David Cameron announced he will step down as Prime Minister on Wednesday, handing leadership over to Theresa May. This will be followed closely by the first Bank of England meeting after the referendum on Thursday. With these two events, we could see more sterling volatility later in the week.
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