Pound rises against dollar following Liz Truss’ exit as UK Prime Minister


THE pound has rallied against the dollar following the prime minister’s resignation.

Uba Group

Sterling rose on the announcement that Liz Truss was quitting following a volatile 24 hours for the currency amid political turmoil.

It shot up to $1.13 before the speech as markets anticipated that Ms Truss would resign, before paring back gains slightly to stand 0.4% higher at $1.126 after her statement.

Meanwhile, yields on gilts – UK government bonds – have eased slightly in response.

UK 30-year gilt yields, which fall as price improve, fell back by 0.44% to 3.86% on Thursday.

Yields had dropped even further shortly before the statement at just after 1.30pm but sprang back slightly.

– metro.co.uk