UK Labour’s McDonnell: Markets realize PM Johnson's promises on Brexit are not implementable

Eren Sengezer FXStreet

"There wouldn't be a run on the pound under a Labour government, " opposition Labour Party’s Finance Policy Chief and the second most powerful man, John McDonnell, said on Monday. "All the evidence we have suggests pound would go up."

McDonnell further argued that markets are aware that British Prime Minister Boris Johnson's promises on Brexit are not "implementable."

These comments were largely ignored by market participants as the Conservative Party is largely expected to win this week's election. As of writing, the GBP/USD pair was up 0.25% on the day at 1.3167.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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