Sterling was earlier up 0.47% against the dollar at $1.1329 and 0.4% against the euro at £87.14
Today, Tuesday, the British pound strengthens to 1.13 dollars while gold yields returned to pre-Liz Truss mini-budget levels as global markets welcomed Rishi Sunak to Britain’s prime ministership and welcomed his arrival.
Sterling was earlier up 0.47% against the dollar at $1.1329 and 0.4% against the euro at £87.14.
Meanwhile, the yield on the 20-year government bond settled at 3.9% after rising above 5% following Kwasi Kwarteng’s unfunded tax cuts.
The 42-year-old former Chancellor of the Exchequer is Britain’s third prime minister in less than three months and will face a series of economic and political crises once he takes office.
In his first speech as Prime Minister today, Rishi Sunak promised to right the “wrongs” of the Tras leadership and warned the British people of “difficult decisions”.
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I have worked in the news industry for over 10 years and have been an author at News Bulletin 247 for the past 5 years. I mostly cover technology news and enjoy writing about the latest gadgets and devices. I am also a huge fan of music and enjoy attending live concerts whenever possible.
