Daily Market View 09-02-2026

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Daily Market View 09-02-2026
1:37

Pound Nears 3 Week Low as PM Grows Even Weaker

1 Minute Market Rundown

  • Kier Starmer's chief of staff, Morgan McSweeney resigns from government owing to close relationship to Peter Mandelson.

  • Japanese election ends with supermajority for PM Sanae Takaichi, opening the door to massive Japanese fiscal spending.

  • This move is likely to put global bonds under stress.

 

GBP-

It only seems to get worse for Prime Minister Keir Starmer, who suffered another blow over the weekend as chief of staff Morgan McSweeny left his post owing to his close relationship with Peter Mandelson.

The only saving grace for the Prime Minister now is that his party opponents do not seem ready to launch leadership bids, possibly wanting to wait until after the May local elections before charging in.

Screenshot 2026-02-09 081410


It is well expected that the Labour party is hurtling towards what will likely be one of their worst local elections in history and so dealing with that defeat is a poor way to start a new premiership. More likely is that following the drubbing in May, then there will be a vote of no-confidence in the PM by the party, triggering a leadership election. 

All of this reads dreadfully for the Pound, with Starmer and Chancellor Reeves being much preferred to the available alternatives, owing to their more Orthodox fiscal stances. 

Markets Today

*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer or check online for a live quote.

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Today's Economic Calendar

Major Economic Releases (All times in GMT)

No major releases.

 
 
 

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