There are no plans to challenge Prime Minister Boris Johnson for the leadership, Senior British Minister Michael Gove said on Thursday, per Sky News.

When asked about potentially running against Johnson for leadership of the Conservative Party, Gove said, "Oh God no!"

Johnson narrowly won a confidence vote on Monday and is set to deliver his first policy speech after the win later this Thursday.

Market reaction

GBP/USD is dropping further to test 1.2500, as the US dollar catches a fresh bid amid a damp mood. The spot is down 0.29% on the day.