UK PM Theresa May stood down today but remains temporary PM until a new Conservative leader is chosen, with Brexiteer Boris Johnson still the firm favorite for the role he has coveted for so long. The UK is currently scheduled to leave the EU on October 31. The Pound will be susceptible to data releases on Monday and Tuesday next week, including the latest monthly growth projections, industrial and manufacturing data and the latest look at the jobs and wages figures on Tuesday. The DailyFX Economic Calendar covers all market moving data releases and events.
This USD weakness is likely to become entrenched further, especially after today’s weaker-than-expected US Labour and wages data, while at least two 0.25% US interest rate cuts are expected in 2019. GBPUSD currently trades around 1.2740 and any further move higher will be driven by the US dollar.
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