Pound Soars After Cabinet Reshuffle

British Prime Minister forced the resignation of Sajid Javid as finance minister on Thursday after Javid refused to sack his advisers and replace them with officials from Johnson’s Downing Street office. The currency climbed to as high as GBP/USD 1.3069, up from around 1.2988 before the news was released.

Also, against the Euro the pound saw gains of 1.1% off the back of the cabinet shock resignations.

The Euro has lost 1% so far this week and is set for its worst performance since mid-2018 over a two week period. The Germany Fourth quarter gross domestic product for data released at 0700 GMT this morning was polled by economists to achieve 0.1% quarter-on-quarter growth, however, the figure disappointed at 0.0%. this could be an early warning sign for the European single currency as it release the Euro zone GDP at 10:00GMT.

On going concerns about the drastic increase in the number of the Coronavirus cases in China after officials in Hubei announced new infections and deaths has kept the safe-have dollar well supported.

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