While today’s resignation of David Cameron and immediate appointment of Teresa May as his replacement was fully expected, moments ago May’s cabinet served up her first major surprise when it was revealed that the man who led the Brexit campaign, Boris Johnson, and who many assumed would not hold a key role in the new UK cabinet, was just appointed to replace Philip Hammond in what may be the most prominent and important role as the UK prepares to negotiate its exit from the EU: that of foreign secretary.
While those voting Leave may be delighted, the pound isn’t and moments after the announcement, sterling set a new intraday low at 1.3155.
via http://ift.tt/29Em5Pk Tyler Durden