New UK Prime Minister
Home Secretary Theresa May is poised to take over from outgoing Prime Minister David Cameron after her only rival for the position, Energy Minister Andrea Leadsom, had to drop out of the race when comments she made regarding May were poorly received by Conservative Party members. If everything goes as anticipated, May could take over as Prime Minister as soon as Wednesday evening. The pound sterling rose on the news, regaining a small portion of the ground lost in recent weeks. It is now trading at its highest level in the past five days against the greenback, at close to 1.3150.
There is little economic news of note in North America today. At 10 a.m., JOLTS (Job Opportunities and Labor Turnover Survey) numbers for May will be released, as will U.S. Wholesale Inventories for the same month. Markets anticipate growth of just 0.2% compared to the previous 0.6%. It remains to be seen whether the USD will be firing on all cylinders again today.