Pound Fluctuates as Race to Be Next U.K. Premier Takes Shape
- Boris Johnson rules himself out; sterling briefly extends gain
- U.K. currency is 10% weaker versus dollar since Brexit vote
Boris Johnson: Next U.K. Prime Minister 'Cannot Be Me'
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The pound swung between gains and losses as the race to be the next U.K. Conservative Party leader -- and therefore prime minister -- started to take shape.
Sterling briefly extended an advance against the dollar after former London Mayor Boris Johnson unexpectedly ruled himself out of the process, leading to expectations of a smoother transition from David Cameron. Other government ministers who said Thursday they’d run include Johnson’s former Brexit ally Michael Gove and Home Secretary Theresa May.