The British pound rose in Thursday trading after British Prime Minister Boris Johnson announced his resignation, easing a sense of political chaos and supporting the recovery of financial markets in the United Kingdom.
This is after Johnson has been under increasing pressure since Tuesday, when both the health and finance secretary resigned from their positions, and then the resignations of British government officials continued to exceed 50 resignations on Thursday morning, amid criticism of the prime minister. Minister on betrayal of trust and misleading the people.
Meanwhile, economic data released today showed that the UK’s Halifax house price index rose 1.8% m/m in June, marking the biggest monthly gain since the start of 2007, raising concerns about rising costs of living as inflation accelerates in the country.
In terms of trading, the British currency rose 0.44% to $1.1971 against its US counterpart after declining about 11% this year under the pressure of declining risk appetite around the world, and also rose against the euro by 0.37% to 85.02 pence.
Source: El Iktisad
