Forex Market Commentary 24/7/2019
The Pound fell on Tuesday, currently trading at 1.2434(-37 pips) against the greenback. In the UK, Boris Johnson wins the race to be the next UK Prime Minister, replacing Theresa May. He beat Foreign Secretary Jeremy Hunt quite comfortably- receiving 92,153 votes to 46,656. Boris Johnson has repeatedly mentioned that Brexit will happen on the 31st of October, with many speculating a no deal Brexit could be the end result for the UK. A no deal Brexit would result in job cuts for the nation, higher prices in retail shops. and a possibility of UK’s National health service being sold off to US corporations in a deal with US President Donald Trump. On the data front, the CBI Industrial trend orders for July came out way worse than expected at -34, market forecasted it to be at -15. For today, at 18:30 AEST, the UK will publish their Finance Mortgage approvals for June, previously at 42.39K, forecasted to be at 42.9K.