Pound advances after May says to leave June 7

Friday, 24. May 2019 12:15

The British currency extended gains on Friday after Prime Minister Theresa May set her departure for June 7. She will continue to serve as caretaker PM until her successor is chosen, for which there will be intra-party leadership race starting in the week after.

The pound moved higher in anticipation of May's statement this morning, and jumped 0.40% briefly during her address, before moving closer to the flatline again. At 12:12 pm CET, it increased 0.43% against the American dollar, to go for $1.27112, highest since Wednesday morning.

Compared to the euro, the sterling added 0.35% at 12:15 pm CET, buying €1.13587, and spiked 0.52% compared to the yen, changing hands for ¥139.4485 at 12:17 pm CET.

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Breaking the News / NI