July 22-26. Expect GBP and USD decline


This week, special attention should be paid to the British pound. Conservatives must finally choose the head of the party, who will head the Cabinet of Ministers. Teresa May officially left the post. It will be replaced by Boris Johnson or Jeremy Hunt. Elections of this level will necessarily affect the rate of the national currency, which can grow if Boris Johnson wins.

A significant event of the week will be the ECB meeting, which largely determines the trend of the euro. Also, none of the bidders in the Forex market has any doubts about the July Fed rate cut, but the position of the American president may require from the department additional measures to reduce the US dollar exchange rate. Any actions or hints of the Fed in this direction will contribute to the growth of the main currencies during the five-day working week due to the dollar decline.