Rates as of 0500 GMT

I just want to point out though that more than 40 senior UK officials resigned yesterday, following Chancellor of the Exchequer Rishi Sunak and Health Secretary Sajid Javid out the door in protest at UK PM Boorish Johnsons ineptitude.  According to the FT, a delegation of senior cabinet ministers will visit Johnson today to tell him that he should resign. Astonishingly, the delegation is expected to include the new Chancellor, Nadhim Zahawi, who just got his job on Tuesday to replace Sunak! Hows that for gratitude and loyalty?

The Conservative Party a month ago held a vote of noconfidence, which Johnson barely survived with 59 of the vote. Party rules say another vote cant be held for another year, but rules can be changed.

So far Johnson shows no signs of stepping down. According to Anushka Asthana, Deputy political editor of ITV News, Johnson is absolutely defiant and is not going to resign. Sources tell me he told Cabinet colleagues that it was a choice between summer focused on economic growth or chaos of a leadership contest followed by massive pressure for general election. I expect this astonishing disarray to be negative for the pound.

Elsewhere, note that although the price of oil has fallen substantially over the last week

the prompt time spread, the difference between the price of oil for immediate delivery and oil for delivery a month later, is still almost as wide as its been this year. That suggests the oil market is still very…