Talk of cabi­net re­jig im­proves pound’s prospects

Belfast Telegraph - Business Telegraph - - News -

THE pound gained ground yes­ter­day as wor­ries over Theresa May’s lead­er­ship sub­sided amid ru­mours of a cabi­net reshuf­fle.

Ster­ling rose nearly 0.8% against the US dol­lar around midday, but set­tled closer to 0.5% higher in af­ter­noon trad­ing at 1.312. Ver­sus the euro, the pound was up 0.4% at 1.117. It fol­lows a dif­fi­cult few days for the pound, which tum­bled to near four-and-ahalf week lows on Fri­day fol­low­ing re­ports of a Tory plot to top­ple the Prime Min­is­ter.

David Mad­den, a mar­ket an­a­lyst at CMC Mar­kets UK, said: “GBP/USD gained ground to­day af­ter Theresa May hinted at a pos­si­ble cabi­net reshuf­fle to get the party into line. The pound sold-off last week as there were grow­ing ru­mours of a pos­si­ble lead­er­ship chal­lenge, and the talk of a re-jig to her team has in­jected some much needed op­ti­mism into the pound.”

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