The USD is mixed with the USD higher vs the EUR and the JPY but lower vs the GBP.
The GBP’s move to the upside is the only wandering currency from what is a higher US dollar move to start the new trading week and comes despite UK Prime Minister Keir Starmer officially announced his resignation after growing pressure from within the Labour Party and a sharp decline in political support
The resignation comes just a day after President Donald Trump unconventionally (can he do anything respectfully) posted on Truth Social that Starmer “will resign,” criticizing his policies on immigration and energy. Nevertheless, Starmer said he had “heard the message” from colleagues and will remain as caretaker prime minister until a new Labour leader is chosen. Attention is now turning to the party’s leadership contest, with Andy Burnham viewed as a leading contender to succeed him.
The GBP has seen down and up price action but is trading near highs as the markets react more positively. The UK FTSE 100 is up 0.50% in premarket trading. The 10 year yield in the UK is down -3.4 basis points.