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After a tumultuous 48 hours for the UK Government, Boris Johnson has resigned as Prime Minister. Financial markets are reacting, with GBP gaining ground, especially against the EUR.
The week is almost in two halves. The first half will be focused on the flash PMIs for major economies. In the second half, attention will turn to the Federal Reserve’s annual central banker conference at Jackson Hole.
The risk rally and USD correction of earlier in the week have been ebbing away in the last day or so. The USD is starting to recover some lost ground, whilst equity markets feel the pressure of US Big Tech earnings disappointments.
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