Dollar a little softer

The euro and sterling have both recovered some ground against the dollar to trade at around $1.0150 and close to $1.20 respectively, leaving the single currency-pound exchange rate hovering a little below 85p

European equity markets had another relatively positive session yesterday building on Friday’s gains, though US stocks reversed course to end lower on the day, while government bond yields headed higher with German and US 10-year yields rising to around 1.20% and 3.0% respectively

Employment in the UK rose quite strongly in the three months to May, increasing by 0.9% – or 296,000 –  from the three months to February, according to data published earlier this morning, while the unemployment rate was largely unchanged at 3.8%

The race to be the next leader of the Tory party – and the next Prime Minister of the UK – has now been whittled down to four candidates. The final two candidates to face a vote of the membership of the party should be decided by the close of play tomorrow

It is quiet on the economic data front for the rest of today with the latest housebuilders’ index in the US the only release of note