British pound rallies on Johnson resignation
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THE British pound rallied on Thursday on British Prime Minister Boris Johnson’s resignation as leader of the Conservative party.
Johnson’s announcement followed an extraordinary series of resignations from his scandal-plagued administration. He acknowledged it was “clearly the will of the parliamentary Conservative party that there should be a new leader of that party, and therefore a new prime minister.”
The move lifted the pound above the US$1.20 level.
“The currency market is relieved that Johnson is finally resigning, removing some of the political uncertainty that was priced into the pound and paving the way for a new prime minister,” said Victoria Scholar, head of investment at Interactive Investor. AFP
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