FX Brief: Carney Crushes Cable
Matt Weller, CFA, CMT July 2, 2019 8:29 PM
- IMF Managing Director Christine Lagarde has been nominated to be the next ECB President when Mario Draghi’s term expires at the end of October. The euro initially ticked lower, but her policy outlook remains to be seen.
- The pound was the day’s weakest major currency after BOE Governor Mark Carney emphasized risks to global trade in a speech today. See our latest analysis on GBP/USD and GBP/JPY.
- The yen was the strongest major currency on the day, boosted by safe haven demand after VP Pence cancelled an event and rushed back to the White House for what ultimately proved to be a non-emergency situation.
- Oil dropped sharply midday, eventually closing nearly 5% lower on the day.
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