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- GBP/USD rises further above 1.1300 boosted by Truss’s resignation and weaker USD
GBP/USD rises further above 1.1300 boosted by Truss’s resignation and weaker USD
- Liz Truss resigns as Prime Minister after 45 days.
- Pound up across the board, among top performers of the American session.
- GBP/USD up more than a hundred pips on Thursday.
The GBP/USD printed a fresh daily high during the American session at 1.1335, boosted by a rebound of the pound following PM Liz Truss's resignation and a weaker US dollar.
Truss and USD down, risk appetite and GBP up
The greenback is falling across the board as Wall Street posts gains with main indexes up around 1%. The DXY is under 112.30, down by 0.55% even as US yields move rise.
The pound strengthened following the resignation of Liz Truss as Prime Minister after only 45 days. The new PM will emerge from a new leadership election at the Conservative Party next week.
Market participants reduced their bets on Bank of England interest rate hikes. They now see a less aggressive BoE. Now attention will turn to the potential successors that could include Rishi Sunak and Boris Johnson.
The GBP/USD ran to 1.1305 initially, following the announcement and more recently printed a fresh daily high at 1.1336, amid a decline of the dollar. It is hovering around 1.1300. EUR/GBP is modestly lower for the day, trading under 0.8700 while GBP/JPY is up approaching 170.00.
Technical levels
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