FX markets

Daily Market View 15-05-2026

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0:53

Way for Burnham cleared, bad news GBP

1 Minute Market Rundown

Pound drops to weakest against Dollar since early April as Leadership challenges mou
USD stronger generally following Trump comments regarding the weakness of the ceasefire with Iran in Beijing
UK Gilt yields rise at their quickest pace since 2024 as concern over future Government spending looms

GBP -

With the President globetrotting and avoiding questions on Taiwan in Beijing, much of the focus has been on the political chaos unfolding in the UK over the past week. Health Minister Wes Streeting resigned in slow motion yesterday, after declaring he would do so on Wednesday, handily giving over all initiative to the PM.

I still suspect the PM may well just be able to hang on in there, with Streeting seemingly unable to get the 80 MP's behind just him to trigger a full leadership election. Whether Andy Burnham can even win the Makerfield seat he has decided to run in will be a major test as to whether the Manchester Mayor can really overcome Reform's momentum.

Overall, I suspect this weekend will all the difference when it comes to the conflict.

Today's Economic Calendar

No major releases

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