Americas FX Morning Bullets 14 May 2026

Research evidence excerpt

Americas FX Morning Bullets 14 May 2026

14 May 2026

Americas FX Morning Bullets CurrenciesGlobal

◆ GBP unchanged amid continued political uncertainty Daragh Maher

Head of Digital Assets Research, Sr FX Strategist

◆ Robust Q1 UK GDP growth fails to support the currency HSBC Bank plc

daragh.maher@hsbc.com

+44 20 7991 8888

◆ USD steady ahead of a busy run of Fed speakers today

Clyde Wardle

Senior EM FX Strategist

GBP is little changed this morning despite abundant political headlines and robust HSBC Securities (USA) Inc.

clyde.wardle@us.hsbc.com

Q1 UK GDP data. The UK media is replete with headlines about likely developments +1 646 610 3260

around whether PM Starmer will remain in his role and, if not, who is best placed to Tom Wookey

replace him. But there is nothing concrete for the markets to digest. So far, yesterday’s European FX Strategist

HSBC Bank plc

reports that Wes Streeting would resign and mount a formal leadership challenge have thomas.wookey@hsbc.com

not yet materialised. Other reports (The Sun, Huffington Post) suggest UK cabinet +44 20 79913367

ministers will tell Prime Minister Starmer to quit today. The betting markets already carry a Joseph Incalcaterra, CFA

Head of Latin America (LatAm) Macro Strategy

number of potential replacements. One notable area of uncertainty is whether any HSBC Securities (USA) Inc.

leadership challenge process could be extended sufficiently to allow Manchester mayor joseph.incalcaterra@us.hsbc.com +1 212 525 5606

Andy Burnham to participate. Bloomberg sources report that ex-Deputy Prime Minister

Joey Chew

Angela Rayner is prepared to enter a leadership contest. The Minister of State for the Head of Asia FX Research

The Hongkong and Shanghai Banking Corporation Limited,

armed forces, Al Carns, has indicated he would stand.