The Pound is down almost 0.3% to the US Dollar, trading at around $1.24, on the day when the next British Prime Minister will be announced. It is widely expected that Boris Johnson will emerge victorious when the results of the Tory leadership election are announced later today.
There are several challenges awaiting the next Prime Minister: growing tension in the Gulf, a potentially shrinking economy, but none as important as Brexit. Mr Johnsons stance is well known deliver Brexit, do or die, and this is probably why the Pound is on the back-foot today, because under a Boris Johnson premiership a no-deal exit from the EU becomes more likely.
Photo by Samuel Zeller.