GBP/USD to consolidate above the 1.3500 level on post-Fed USD weakness – ING

GBP/USD managed to erase a small portion of its weekly losses on Tuesday and stays relatively calm around 1.3500 on Wednesday. Economists at ING expect the pair to stabilize above the 1.3500 level following post-Fed USD weakness later in the day.

Even more troubles for PM Johnson

“While most Tory MPs have pledged to wait for the result of the investigations before moving to vote out Johnson, there it now appears more consensus that the PM’s tenure is close to its end.” 

“Chancellor Rishi Sunak is currently seen as the most likely candidate to take over the role as PM: given no obvious implications for the UK economy or the Brexit stance for the moment, any change at the helm of the government should have a limited impact on the pound.”

“Cable may consolidate above the 1.3500 level on post-Fed USD weakness today.”