Sterling Euro rates appear to have now leveled out after falling by over 11 cents following the shock announcement of the Brexit vote.
The FTSE has recovered its losses and Sterling has seen a small rally vs the Euro during yesterday’s trading session.
The news of today will be whether Theresa May or Boris Johnson will put themselves in the frame for the Tory leadership to replace current Prime Minister David Cameron.
Michael Gove has also announced in the last few minutes that he will also be putting himself up for Tory leadership as he believes that ‘Boris cannot provide the leadership or build the team for the task ahead.’
With the political landscape in the UK now uncertain this could cause further movement on Sterling Euro exchange rates and which way is anybody’s guess at the moment.
You could argue that once we have a new leader in place this could settle the markets as it provides certainty but you could also see the Pound come under pressure as however comes in may not be a popular choice.
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