Sterling rallied as UK Prime Minister Liz Truss announced her resignation. Her departure followed a humiliating reversal of almost all of her economic program
Truss' economic programme had sent shockwaves through the markets and divided her Conservative Party, contributing to a sharp a selloff in UK assets.
"Initially, this is likely to take an uncertainty premium out of the market but it depends who takes over. You need a steady hand at the top," said Viraj Patel, global macro strategist at Vanda Research.Truss' resignation came a day after a second top minister quit and rowing and jostling broke out among her lawmakers in parliament.
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