GBP/USD Strengthens After Former Finance Minister Javid Resigns
Arslan Butt • 1 min read
The Sterling is trading bullish against the US dollar a day after the British Finance Minister Sajid Javid stepped down unexpectedly in a cabinet reshuffle. At the time of writing, GBP/USD is trading at around 1.304.
According to news reports, Javid was given an ultimatum to sack all his advisers and permit Cummings to pick a replacement team. Expectations are high that Javid’s replacement, Rishi Sunak, will deliver an easier monetary policy in line with PM Johnson’s plans.
GBP/USD is also receiving some support over a slight improvement in the market sentiment as the number of coronavirus cases reported from Hubei climbs at a slower pace. Later today, the Cable can see some movement on the release of retail sales data from the US even as Brexit related headlines will remain in focus.