Theresa May took part in her final Prime Minister questions yesterday afternoon before going to Buckingham palace to submit her resignation. Johnson was granted the Queens permission to take over as Prime Minister and form a government.
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Philip Hammond quit as Chancellor as he promised to do so if Boris became PM along with International Secretary Rory Stewart and Justice Secretary David Gauke so far this has not affected the pound and we saw the interbank exchange rate above 1.1200 against the euro yesterday afternoon. As well as movement against other major currencies.
Johnson’s first speech yesterday was strong and optimistic, he promised to deliver Brexit “no ifs and or buts”.
Boris Johnson has just 98 days until the UK leaves the EU and he faces an uphill task to secure a new deal. Johnson is looking to clear out the Remainers and build a Brexiteer- majority cabinet as he prepares for the UK to leave the EU.
Yesterday we saw as what has been described as a massacre as 17 people were either fired or left the cabinet paving the way for Sajid Javid as Chancellor, Priti Petal will become Home Secretary and Dominic Rabb Foreign Secretary leaving Jeremy Hunt on the Back bench.
The pound is already trading near the lowest levels of 2019 and as result it will struggle to fall much lower, says an analyst at a leading global investment bank.
Jordan Rochester says the pound is already low by historical standards so it would take bout of bad news in order to push the pound lower. Sterling has already endured threats of a No deal Brexit and weak economic data so the pound may not to fall much lower until at least Parliament return in September after their Summer break.
The pound has already made movements against the euro over the last 24 hours. If you would like to keep updated with the currency the latest currency market news, you may wish to contact our trading floor on 01494 725353.
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