Sterling rallies as Boris Johnson resigns

Sterling bounced back against the dollar on Thursday as Boris Johnson finally resigned after a humiliating week of resignations by those closest to him.

Ministers appointed only two days ago either quit or called for his resignation on Thursday which provided to be the final nail in the coffin for Johnson’s time as Prime Minister.

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“The clash of political camps and the row over whether the Prime Minister should stay or go is over. With the mood music changing so abruptly in Westminster and Boris Johnson finally deciding to leave 10 Downing Street, the pound lifted against the dollar, heading back up to $1.20 before dipping back slightly,” said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown.

The pound has suffered against the dollar this week as investors bought into the dollar on global recession fears.

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