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23.05.2019: GBP falls as Theresa May leaves amid EU elections (EUR, USD, GBP)

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The European parliamentary elections started today. This political event is expected to add volatility to the euro’s movement.
Traders are concerned that the populists may get into the European Parliament amid the growing popularity of the Euro-skeptics as it will affect the single currency. However, the practice of the US and Australia shows that the populism is not necessarily evil. Therefore, collapse is not likely in case the power of the Euro-skeptics will increase notably.
The elections’ results will be published gradually, so the euro should not plummet until Sunday. After that, even a gap may appear.
There are two important publications today. They are anticipated to reflect the negative impact of the US-China trade conflict on the global economy.
In May, the business in Germany worsened more than it was expected. The reading dipped to 97.9 from 99.2 in April showing the lowest result in 4.5 years. Europe’s composite PMI inched up to 51.6 undershooting the forecast of 51.7.
Meanwhile, investors keep on following the news around Brexit and the US-China stand-off. The euro/dollar pair is steadily falling, it was trading at 1.1131 in the middle of the European session. The greenback is rising against all its rivals except safe assets. The US dollar index hit its 2-year high amid the pound’s weakness and the minutes of the Fed’s meeting.
On the other hand, the British currency continues showing the sharpest decline. The pound/dollar pair is trading at 1.2635. The pound also plummeted against the euro to its 4-month low as the pair had been moving downwards for 14 days in a row. If it finishes this session with losses as well, it will be the longest fall in the pair’s history. Besides, the news regarding the alleged resignation of Mrs. May hit the British currency. Moreover, it caused an unfavorable environment for Europe’s parliamentary elections.
According to UK media, Theresa May might leave her Premier position already on Friday. Boris Johnson is the main contender for her place.

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