The pound rebounded the most since Brexit with the announcement that Home Secretary Theresa May would become Britain’s next prime minister this Wednesday, relieving Cameron from his duty. While Theresa’s selection takes away some uncertainty for the UK markets for now, today’s gains could be dampened on Thursday if the Bank of England announces that it will slash already historically-low interest rates. Analysts widely anticipate a .25% rate cut on Thursday, with a similar cut from the BoE within the next month — which would bring UK interest rates near zero.

The euro was ticking higher as well this morning as the market digested recent comments by Eurogroup President Jeroen Dijsselbloem’s that Italy’s troubled banks “do not represent an acute crisis” as ongoing talks about a bailout continued. There was also optimism that private investors would have to share some fallout of the banks along with the state, putting less financial pressure on the governing body.

Elsewhere, anticipated stimulus measures around the world have boosted emerging market prospects as well as commodity-producing country currencies. China’s stocks soared to 3-month highs this morning, leaving top trading partner Australia with a stronger Aussie dollar. Both the Aussie and Canadian dollars were lifted as crude oil ticked up toward $48 per barrel. Not as fortunate was the Yen, which saw the biggest two-day fall since 2014 as the market anticipated additional easing from the central bank.

EURUSD: The euro gains as investors expect Italy’s bank problems will impact the Euro less.

GBPUSD: The pound rebounds the most since Brexit as political uncertainty is removed with the selection of new UK leadership.

AUDUSD: The Aussie dollar is up as emerging markets and commodities are buoyed with global stimulus from central banks.

USDCAD: The Canadian dollar gains as oil prices rise.