The pound to euro exchange rate did not show much change yesterday as markets remained “cautious.” Today marks the announcement of the new British Prime Minister stepping into Theresa May’s role. Should Boris Johnson become PM the focus will likely switch to the plan of Brexit, experts have said. Yet if fellow contender Jeremy Hunt wins, the pound could well show improvement.
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The pound is currently trading at €1.113 against the euro, according to Bloomberg at the time of writing.
Michael Brown, currency expert at Caxton FX, spoke to Express.co.uk regarding the latest exchange rate figures.
“Sterling trod water against the common currency on Monday,” he said, “with market participants remaining in a cautious mood ahead of a number of key risk events this week - including the results of the Conservative Party leadership contest and the ECB’s latest monetary policy decision.
“Today, focus for the pound will remain on political developments, with the victor of the Conservative Party leadership election, and therefore new Prime Minister, set to be announced this morning.
“The likely result, a Boris Johnson victory, seems to be priced into the pound, hence focus will quickly switch to both Cabinet appointments and the plan for Brexit.”
Chancellor of the Exchequer Philip Hammond and Lord Chancellor David Gauke have said they will step down if Johnson wins.
Pound euro exchange rate: Today marks the announcement of the new