Yesterday, the epicenter was UK politics and Brexit. The pound opened with a gap up following news that May’s cabinet agreed on her custom plan on Friday and continued to trade north even after Brexit minister Davis’ resignation. However, later in the day, Foreign Secretary Boris Johnson stepped down as well, with the pound tumbling on fears of more resignations and concerns over May’s leadership.
GBP Tumbles After Foreign Secretary Boris Johnson Steps Down
The pound traded lower against all but two of the other G10 currencies on Monday. It managed to gain only against JPY, while it traded virtually unchanged versus CHF. The main gainers against the British currency were AUD, NZD and USD in that order.
Monday was all about the pound and Brexit. The British currency opened the day with a positive gap on news that on Friday, UK PM Theresa May agreed with her cabinet on the UK’s trade relationship with the EU after Brexit. According to the Prime Minister, the proposal will...
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