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Breakdown of the latest developments on the global exchanges
Jul 17, 2019, 12:00 PM GMT
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Ursula von der Leyen, the German Defence Minister, to succeed Jean-Claude Juncker as the Next EU Commission President

Von der Leyen, who is going to be the first female president of the EU Commission, is going to step into office on the 31st of October. Von der Leyen received 383 of the MEPs votes, which was enough to secure the final victory in the presidential race for her but was insufficient to grant her a majority victory.

A central part of her victory speech was the topic of Brexit, and she was booed by Nigel Farage and other Brexit party’s MEPs, for stating that:

“I stay ready for further extension of the withdrawal date should more time be required for a good reason.” [source]

Boris Johnson, who is considered as the most likely successor of Theresa May at 10 Downing Street, had previously stated that he is ready to deliver Brexit on the 31st of October with or without a trade deal. Thus, Johnson and von der Leyen look like the most likely leaders of the two sides -the EU bloc and Britain - to eventually see the long-awaited conclusion to Brexit.

Meanwhile, the EURGBP pair continues with its substantial hike, as the British pound is facing heightened pressure from investors.