Sell Euros update: Tories clash, Boris leads way to be PM

Sterling Rises on Election Day

Boris’s absence from TV debate

In this article about when to sell Euros, we’ll see how Tory hopefuls took chunks out of each other, as the leadership contest heated up in a TV debate held by Channel 4 last night. All the Conservative candidates were present except Boris Johnson, who was notably mocked by his fellow Tory peers for his no-show.

However, Boris, the firm favourite, had argued that a debate with so many faces would be “slightly cacophonous”. With Boris’ history of gaffes and “foot in mouth” comments, it’s no surprise that Boris’ camp are keen to keep his public speaking to a minimum.

Despite Boris Johnson’s absence, his leadership bid received another boost today. First, the current Health Secretary Matt Hancock pledged his support to the “BoJo” campaign, after pulling out of the leadership race on Friday. Second, Esther McVeigh, the former Work and Pensions Secretary, also giving her support to Boris, after being eliminated in the first round of voting. So Boris looks to be firmly in the driving seat.

A second round of voting will take place tomorrow. However, unlike the first round when 17 votes were required, candidates will need at least 33 votes to advance to the next stage. In addition, the candidate with the lowest number of votes will be eliminated. Thereafter, we’ll see successive ballots over the coming days until only two candidates remain.

Euro forecast: Who will make the cut?

My own opinion is that it’ll be Foreign Secretary Jeremy Hunt that makes the cut, ahead of Environment Secretary Michael Gove and the rest of the pack. However, whilst I believe Boris will be the next Prime Minister (PM), the final head-to-head may be closer than some think!

Since the initial fall in the pound, GBP/EUR has shown little reaction to this leadership battle. Once again today, GBP/EUR remains in a relatively short trading range, close to a 5-month low. However, with a new PM and a new vision, this could rapidly change.

For more information on how the next Tory PM could affect your euro purchase or sale, please feel free to contact me.