Pound gains as Johnson reshuffles UK government

Thursday, 13. February 2020 13:43

Sterling traded higher against major currencies on Thursday following United Kindom Prime Minister Boris Johnson's decision to revamp his cabinet.

Downing Street confirmed earlier today that Business Secretary Andrea Leadsom and Housing Secretary Esther McVey will not be part of the cabinet while the Northern Ireland Minister Julian Smith and Universities Minister Chris Skidmore left their posts in the government. Meanwhile, UK Chancellor of the Exchequer Sajid Javid resigned on Thursday to be succeeded by Chief Secretary to the Treasury Rishi Sunak.

Cable surged 0.66% as the pound traded for $1.30431 at 1:42 CET while the euro dropped 0.72% against the sterling, changing hands for 0.83316 at the same time.

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