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24 Oct 2022

UK: Rishi Sunak to become next UK PM after winning leaderchip contest

Sir Graham Brady, chair of the 1922 Committee, announced on Monday that Rishi Sunak is elected as leader of the Conservative Party and new prime minister following Penny Mordaunt's decision to drop out of the contest.

Sunak will reportedly deliver a private speech to Tory MPs at 1430 GMT.

Market reaction

This development doesn't seem to be having a significant impact on the British pound's performance against its major rivals. As of writing, GBP/USD was trading virtually unchanged on the day at 1.1298. Meanwhile, the UK's FTSE 100 Ubdex gained traction on this headline and was last seen rising 0.7% on the day.

Oct 24, 2022

When are the S&P Global's flash US PMIs and how could the data affect EUR/USD?

S&P Global will release the flash version of the US Manufacturing and Services PMIs at 13:45 GMT this Monday. The gauge for manufacturing is expected

GBP/USD: Resistance at 1.1480 /1.1500 to cap the recovery – Credit Suisse

GBP/USD has struggled to find acceptance above 1.1400 on Monday. Resistance at 1.1480/1.1500 is set to cap cable, analysts at Credit Suisse report. Su