Theresa May Could be UK PM on Wednesday Adding Stability to Markets

July 11, 2016 Share Print 0

David Cameron has announced he will stand down as U.K. prime minister on Wednesday this week. He will be succeeded as prime minister by Theresa May.

Cameron will hold Prime Minister’s Question Time for the last time on Wednesday at 7 a.m. ET. He will then go to Buckingham Palace to offer his resignation to the Queen.

Theresa May will then go to the palace to “kiss hands” with the Queen. She will become the U.K.’s second female prime minister after Margaret Thatcher.

The news seemed to have assured markets of some modicum of stability ahead for the U.K. Sterling reached a session high above $1.30 afterwards.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.