GBP: rollercoaster day for sterling sees it make the slightest of gains

It was an uncertain day for sterling as it initially made gains against the US dollar and euro before falling back a little. Then came reports that Boris Johnson might resign at the weekend if Theresa May doesn’t follow his vision for Brexit when she gives her keynote speech on Friday.

The Foreign Office denied the claims, but that hasn’t exactly filled the markets with certainty and it is possible Johnson’s decision will depend on whether May opts for a hard or soft Brexit stance.

Today sees the release of retail sales. However, attention will mainly be on the US Federal Reserve meeting on Wednesday and May’s aforementioned speech on Friday.