The final two battle it out for the position at Number 10
21 June, 2019
Yesterday saw further knockouts in the Conservative leadership runnings with Sajid Javid receiving the fewest votes of 34 in the fourth round of ballots, and Michael Gove being cut from the running in the fifth round off votes losing with 75 votes, 2 votes shy of Jeremy Hunt who received 77 and Boris Johnson with a clear lead of 160 votes, narrowing us down the to the final two candidates for the running of PM – Johnson V Hunt. Now markets are faced with a month of both candidates backing themselves for votes with the new leader and resident at number 10 being announced on the 22nd of July just in time for Parliamentary recess on the 25th.
It’s likely that the market trend will remain flat in this period with peaks in the rate little and far between. GBP-EUR tested technical resistance levels yesterday morning pushing rates up to almost a percent higher but failed to breakthrough, showing it is going to need a little more for rates to gain back enough to reach the levels we saw back in May, and with that being said we still have the joy of Brexit coming back to surface which will no back bring with it more volatility.
Yesterday morning the UK posted lower than expected figures for YoY Retails Sales with a result of 2.3% down from the previous 5.1% showing clearly that UK consumers continue to tighten their purse strings and it was the Bank of England’s turn to announce its interest rate decision which remained unchanged as expected at 0.75% although fresh comments were made during its minutes saying the bank expects the economy to show zero growth in the second quarter of this year as there is an expectation that business investments will be hit by more Brexit uncertainty. Not a great sign for Sterling.
GBP-EUR rates have dropped almost 5 cents since its highs during the beginning of May and with more volatility set, predicting the market has become very tricky. Don’t leave your upcoming transfer open to risk, get in touch with us here at CI and speak to one our currency consultants. We can talk you through the various options we provide to help you secure your currency and keep you informed of any movements which could affect your transfers.
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