British Pound increases in Value after Boris Johnson emerge new PM

The value of the British pound increased on Wednesday as Boris Johnson became the new prime minister, while European stocks mostly fell on the weak mining sector.

Sterling gained versus the euro and dollar as traders readied for Johnson  a leading Leave campaigner in Britain’s shock Brexit referendum three years ago to take the reins from outgoing premier Theresa May.

Sterling had briefly rallied Tuesday in reaction to Johnson’s election as Conservative Party leader, with investors keen to see whether he pushes ahead with a no-deal divorce from the European Union at the end of October.

Source: AFP

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