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Jun 06 - 05:55 PM

GBP/USD - Steady After UK PM Johnson Wins Confidence Vote, As Expected

By Randolph Donney  —  Jun 06 - 04:20 PM

  • Sterling still up 0.35% after PM wins confidence vote nS8N2X206G

  • Betting sites had him winning the vote so no surprise from the result

  • But his 59% take was less than Theresa May's 63% in 2018

  • Adn PM May was eventually replaced, so political uncertainty persists

  • Main driver Monday was surge in 2-yr gilt yields to highest since 2008

  • Ten year gilt yields hit highest since 2014 as BoE deals with inflation

  • Fed rate hike pricing also up, but not quite at new breakout highs

  • Focus is on ECB Thursday and U.S. CPI Friday pre-Fed, BoE meets next week

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Source:
Refinitiv IFR Research/Market Commentary

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