Members of Britain's Conservatives Party have named Boris Johnson as the new Prime Minister with a comfortable win of 92,153 votes over Jeremy Hunt's 46,656 votes. Sterling resumed its pre-announcement gains following remarks from EU Brexit negotiator Barnier stating: "We are ready also to rework the agreed Declaration on a new partnership in line with EUCOguidelines". Cable pushed up half a pence off its session lows to 1.2480 before dropping back near 1.2440s amid broadening USD strength. The GBP implied volatility chart may indicate a receding fear factor in sterling, which explains the lack of any sharp declines in the currency. In other news, the IMF downgraded its forecast for 2019 and 2020 global growth by 0.1% to 3.2% and 3.5% respectively. Q1 global trade volumes were revised down to their lowest in 7 years.