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GBP Among the Main Losers, EUR’s Election Boost Stays Short-Lived

JFD

The pound traded lower against most of the other G10 currencies yesterday. With no top-tier UK data scheduled for this week, GBP-traders are likely to keep their gaze locked on the political landscape, and especially on who could be the next Prime Minister. The euro gapped up on Monday after the results of the EU elections showed that pro-EU parties retained majority in Parliament. That said, the common currency came under selling interest during the day, following reports that the EU Commission could propose a disciplinary procedure against Italy next week.

May to Step Down, Who’s next?

The pound traded lower against all but one of the other G10 currencies on Monday and during the Asian morning Tuesday. It underperformed the most against CAD, USD and JPY in that order, while the currency which failed to eke out any gains against GBP was SEK.

On Friday, the pound traded higher after UK PM Theresa May announced her resignation, and continued to do so during the early trading Monday. Remember that on Thursday, we noted that...

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Source: https://www.jfdbank.com/en/research/gbp-among-the-main-losers-eurs-election-boost-stays-short-lived-20190528
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