The dollar index, measuring the dollar against six major currencies, rose 0.29% to 101.024 at the New York FX close on the 22nd. EUR/USD 1.1424 (prev. 1.1477); GBP/USD 1.3244 (1.3234); USD/JPY 161.42 (161.26); USD/CHF 0.8091 (0.8066); USD/CAD 1.4157 (1.4174); USD/SEK 9.6212 (9.5742).

Capital Economics economist Thomas Matthews said in a report that whoever becomes the UK’s next leader will face the same fiscal strain. Latest public finance data show May public sector net borrowing exceeded Office for Budget Responsibility forecasts. Media reports say incumbent leader Keir Starmer is expected to resign on Monday, potentially bringing a new prime minister. Matthews said there is almost no room to increase spending without triggering a bond market rebound.

The National Development and Reform Commission (NDRC) issued implementation measures that set minimum renewable energy consumption share targets and establish a weighting-based responsibility system for renewable power consumption. The NDRC will support energy-intensive sector firms in raising renewable consumption above the minimums and encourages capable regions to assign minimum renewable consumption targets to government departments, public institutions and state-owned enterprises. Renewable power minimums can be met via on-site renewable self-generation and self-use, green power direct connections, and green certificates and green power trading (including transfers). Non-electric renewable minimums can be met through renewable heating/cooling, integrated renewable use in hydrogen/ammonia/methanol production, and non-power biomass utilization.