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GBP Higher Early Asia Pac Trading, As Johnson Pulls Out Of Leadership Race

GBP

GBP/USD is higher in early Asia Pac trading. The pair is just shy of the 1.1400 level currently. This is around +0.85% on closing levels from the end of last week (the pair finished up just above 1.1300 in NY at the Friday close). The move followed headlines that Boris Johnson was pulling out of the leadership race to be the next UK Prime Minister. He failed to achieve the public backing of at least 100 MPs.

  • This leaves ex-Treasury Rishi Sunak as the clear front runner to be the next Prime Minister. However, Penny Mordaunt is reportedly staying in the leadership race, although is well behind Sunak at this stage, with the FT stating she has less than 30 MPs backing her at this stage (see this link for more details). See this piece from The Guardian as well.

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