Pound collapses after Boris Johnson resigns and Brexit disorders :: Kenya

Sterling fell sharply on the news that Foreign Minister Boris Johnson resigned, a few hours after Brexit Secretary David Davis also threw in the towel.

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The resignation of Johnson has plunged the pound into the red, down 0.1% against the dollar and the euro at 1.32 and 1,12 respectively in the afternoon.

The British currency had skyrocketed earlier in the session after Davis resigned, with traders interpreting his departure as increasing the chances of a so-called "mild Brexit".

But Johnson's departure plunges Prime Minister Theresa May into a new leadership crisis.
Connor Campbell, financial badyst at SpreadEx, said: "With two cabinet resignations in less than 24 hours, the pound has begun to worry about the chances of a formal challenge to Theresa May's management at the time. Inside the Conservative Party, and the

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"To be fair to the pound, however, he avoided falling off a cliff as he could have done, producing a more measured response to the twists of the day."

The resignations of the two "big beasts" of the Cabinet occur a few days after the month of May. They obtained the agreement of the chief ministers at Checkers for a Brexit plan about which both men had expressed reservations.

In explaining his resignation, Davis warned that the UK was giving "too much, too easily" in the Brexit negotiations, claiming that the government had gone further than it should have in the negotiations.

Brexite Dominic Raab has been appointed alternate to Davis as Secretary of State at the exit of the EU.

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"The big question now is to know what domino effect will have this double Davis / Johnson in the days to come (and even the hours), and if May has the support to climb on her job, "added Campbell.

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