Race To Replace British Prime Minister Causes Pound To Drop – 13 June, 2019

In a bid to find a replacement for Prime Minister Theresa May, the pound hovered just above a five month low against the euro as conservative lawmakers showed their support for candidate Boris Johnson. Against the euro, the pound was last trading at 89.31 pence. The euro was steady against the dollar at $1.2681. A second round of voting is set to take place next week over the course of a few days, narrowing candidates down to just two for the conservative party. Elsewhere, the dollar index was little changed at 97.029, while the euro edged up 0.02% to $1.1279. The Australian dollar dipped 0.3% to $0.6896, and the dollar slipped 0.1% to 108.30 yen.