Boris Announced as PM

24th July 2019 Market Update

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🇬🇧 GBP –  As widely expected, Boris Johnson was announced as Prime Minister yesterday fighting off contender Jeremy Hunt. With the announcement all but priced in to the value of the pound, we actually saw a relief rally on the currency with markets banking on a Boris certainty and now waiting on what policies he’s going to put in place as well as his plans for Brexit.

Sterling now sits near its best levels in July versus the euro. Later today the newly appointed PM will announce who will be in his cabinet and in the morning, we have the latest mortgage approvals data.

🇪🇺 EUR – The euro continued its weak streak yesterday versus the dollar with the currency languishing at its lowest level since the beginning of June.
Today we have the latest manufacturing and services PMI’s out from France, Germany and the Eurozone as a whole. However little movement is expected from this data as markets remain braced for tomorrow’s interest rate decision and monetary policy statement.

🇺🇸 USD –  The dollar extended its gains yesterday with the dollar index now approaching its highest levels since the beginning of June – with the gains continuing to be boosted with news that the US government has secured a deal to secure and avoid the debt ceiling for the next two years.
US manufacturing and services PMI’s are due out today and expected to show faster expansion on both for the month of June; which could well lend further to dollar strength.

The only data out today is existing home sales data.
 

Summary:

GBP: Pound near one month highs versus euro
EUR: Euro languishes near June lows versus dollar
USD: Dollar continues gains


 

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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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