Daily Outlook & Brexit Up-date.

An emotional Theresa May announced she will quit as Britain’s prime minister after admitting she had failed to deliver the one task that defined her time in office. This was to take take the country out of the European Union. “I have done my best,” May said in a statement to cameras in the sun outside her Downing Street offices. “It is, and will always remain, a matter of deep regret to me that I have not been able to deliver Brexit.” She signed off with “I will shortly leave the job that it has been the honor of my life to hold – the second female Prime Minister but certainly not the last,” with her voice cracking. “I do so with no ill-will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love.”

There will be a crowded field for the race for No.10 and will be hard to predict. Tori Party bosses hope to have a new leader in place by the end of July. The result will shape the direction of Brexit and all options from leaving with no deal to canceling the divorce are now back on the table.

Those in line to replace May are.

Boris Johnson (Favorite)

Dominic Raab 

Michael Gove

Andrea Leadsom

Jeremy Hunt

Yesterday the UK held EU elections which overall won't have much affect for the next PM however what affect could it have on Sterling exchange rates?

While the EU elections cannot be fully read as a broad opinion poll on Brexit, the results may shape policy making on the hot topic and may impact the pound. An overwhelming victory for Farage over the Remain parties may draw the UK closer to hard Brexit and hurt the pound, while a triumph of the pro-EU camp may move Boris Johnson, probably the next PM, towards a softer stance. Results due Sunday evening. 

With PM May on the way out and most likely Boris on the way in, a number of analysts have begun to forecast more pain for Sterling exchange rates. We'll know who the new PM will be by the end of July but speculation and comments from those lined up to replace May will be closely watched for signs that they'll push for a Hard or soft Brexit. 

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