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

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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