UK's Hammond announces resignation as widely expected

Eren Sengezer FXStreet

In a letter addressed to Theresa May, Phillip Hammond, Chancellor of the Exchequer, has announced his resignation as expected.

"Despite the uncertainty created by the unresolved issue of Brexit, we have been able to make notable progress in rebuilding public finances and preparing the British economy for the opportunities ahead," Hammond's letter read.

The fact that Hammond on numerous occasions made it clear that he would resign if Boris Johnson were to become the next Prime Minister of the UK didn't allow this development to have a notable impact on the market valuation of the GBP. As of writing, the GBP/USD pair was up 0.4% on a daily basis at 1.2485.

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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