Daily Currency Update

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Further political uncertainty weighs on the pound

GBP - British Pound

Political uncertainty is dragging on the pound this morning, this after Theresa May announced her departure last week and following the results of the European elections. In the UK, the Brexit party made big gains and the Lib Dems did well, whilst the two main parties suffered heavy losses. In Europe, pro-EU parties performed well.

So, focus for GBP/USD traders will be on the Tory leadership race, at least in the near term. Further afield, US-China trade tensions look likely to simmer in the run up to the G20 meeting at the end of June. In other news, US Prelim GDP is released this week with growth forecast to be adjusted slightly lower for the first quarter.

Key Movers

US and Canada GDP will garner a lot of attention in the latter part of this week. The RBNZ are also due to release their Financial Stability Report and Governor Orr will be speaking shortly after the release, which may create some volatility in NZD in the next day or so.

Expected Ranges

GBP/USD: 1.2600 - 1.2700 ▼

GBP/EUR: 1.1350 - 1.1280 ▼

GBP/AUD: 1.8200 - 1.8360 ▼

GBP/NZD: 1.9200 - 1.9420 ▼

GBP/CAD: 1.6950 - 1.7120 ▼