The mystery of how Boris Johnson spent the weekend has been solved.
While his allies in the Brexit campaign have been defending, if occasionally rolling back, their pre-referendum pledges in a series of TV interviews, the man seen as most likely to succeed David Cameron as leader of the Conservative Party remained conspicuously silent.
The pound is much stronger, since 2013, against the Ukranian hryvnia, Kazahkstan's tenge, and Mozambique's metical—yet that may owe more to localized problems (war, devaluation, and a commodity rout) than reflect any kind of confidence in the U.K.
Against the euro, Britain's currency is indeed trading at a mere 13-month low—but since the euro registered a record drop in the wake of the referendum, plunged into uncertainty by the unprecedented departure of a EU member and dragged down by the pound itself, that comparison may not be the best indicator of investors' faith in the U.K.
The only problem, McNamara points out, is that the chart above has yet to reflect any June data—which will inevitably show the pound to be much weaker.