GBP/USD higher as Prime Minister Liz Truss resigns, USD/JPY climbs to highest level since 1990 [Video]

Eliman Dambell Sayvio AI

British Prime Minister Liz Truss was forced to resign on Thursday, as pressure on her rose, following a failed mini-budget.

Today’s news follows on from Home Secretary Suella Braverman leaving her post on Wednesday, which many see as the nail on the PM’s coffin.

Speaking today, the PM stated, “I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party”.

Truss went on to add, “. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party.”

She becomes the UK’s shortest serving PM. GBPUSD hit a high of $1.133 on the news .

USDJPY climbs to highest level since 1990

The Japanese Yen fell to its lowest level in over 30-years versus the U.S. Dollar, ahead of next week’s Bank of Japan meeting.

USDJPY rose to an intraday high of 150.08 earlier today, which is its highest point since August 1990.

Speaking today, Japanese Finance Minister Shunichi Suzuki stated that, “Recent rapid and one-sided yen declines are undesirable. We absolutely cannot tolerate excessively volatile moves driven by speculative trading”.

So far, the BOJ has opted not to hike interest rates, however today’s milestone could trigger a change in policy.

As of writing this, USDJPY is trading at 149.57.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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