Boris Johnson's resignation brings political uncertainty which - when added to a torrid economic outlook - spells difficult times for the pound.
The pound has fallen to a two-year low as the political landscape adds to uncertainty in an economy already under strain.
On Monday afternoon the pound fell to US$1.1867 - its lowest level since March 2020. Just before 5pm, it had strengthened slightly to US$1.19.and as the race to replace him begins. The political situation is adding to the UK's gloomy economic outlook - inflation, the risk of a recession, Brexit, and cost of living pressures are already taking their toll.
At the same, this week's important US inflation data sent the dollar surging as investors looked for low-risk currencies.Rabobank strategists said it is not yet known whether Mr Johnson's resignation will be enough to provide economic"coherence".
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