GBP
Yesterday evening, Former finance minister Rishi Sunak won the biggest backing from Conservative lawmakers as the first vote to choose who will succeed Boris Johnson as party leader and British prime minister started.
Meanwhile, two more candidates were eliminated. Nadhim Zahawi, who took over as finance minister from Sunak last week, and former foreign minister Jeremy Hunt were knocked out after failing to get the required minimum of 30 votes.
USD
The U.S. Bureau of Labor Statistics released Consumer Price Index data for June 2022. U.S. annual consumer prices jumped 9.1%, the largest increase in more than four decades.
The bigger-than-expected rise in the year-on-year consumer price index reported by the Labor Department yesterday also reflected higher prices for a range of other goods and services, including motor vehicles, apparel and household furniture. The CPI increased by the most in nearly 17 years on a monthly basis.
EUR
Yesterday saw the euro fall below the dollar for the first time in nearly 20 years as the war in Ukraine and growing concern about rising recession risks in the euro area continued to battle the single currency.
The euro started this year on a strong note given a post-pandemic economic recovery. But a conflict between Russia and Ukraine, surging European gas prices and fears that Moscow could cut off supplies completely have hurt the single currency by raising the possibility of a recession.
If you or your company are impacted by currency risk please reach out to speak to one of our experts, we can assist with decision-making during this difficult time to help you protect your profits.