Following an uptick yesterday, the pound is strong again this morning as Boris Johnson takes up office. Following a sweeping cabinet reshuffle, with Brexiteers appointed to most major posts, the markets have perhaps a mixture of worries over the possibility of a no-deal, and relief that there might at least emerge a clearer picture of what’s coming.
Euro is choppy against the pound, with all eyes on the ECB’s meeting notes later today. There are expected to be signs of a rate cut in September, as well as possibly a return to more stimulus.
The dollar strengthened again last night, as Steve Mnuchin reassured reporters that the US would not pursue a policy of a weak dollar, saying that they benefit immensely from its status as a reserve currency.
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