Pound SURGES on Boris Johnsons resignation as UK economy to make huge gains

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Pound sterling hit a session high on Thursday. At 9.31am, the pound rose 0.35 percent against the U.S. dollar to trade at $1.197. At 10.40am, the pound was trading at around $1.199 to the dollar.

At the previous close yesterday, the pound had been trading at $1.1894.

This came as Downing confirmed that Mr Johnson would be addressing the country to announce his resignation later today.

He is expected to make the announcement at 12pm.

Meanwhile, the FTSE 100 stock index rose 1.12 percent following media reports of the Prime Minister’s impending resignation.

In bond markets, the 10-year U.K. government bond yield rose to hit 2.181

Roger Jones, head of U.K. equities at London and Capital, said this is indicative of “some relief” in currency markets.

Initially, he said, it was looking as if “this is not going to be long and drawn out with the prime minister refusing to go and ultimately causing a policy stalemate.”

UPDATES TO FOLLOW…

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