Results of the UK Conservative Party leadership race have been just announced and they did not result in a surprise. Liz Truss, a foreign affairs minister in Boris Johnson's cabinet, won the Conservative leadership race and will become the next UK Prime Minister. Such an outcome was expected as Truss emerged as favorite to succeed Johnson in recent weeks. Because of that, one should not be surprised by a rather muted reaction of the markets, with GBP not experiencing any major reaction. When it comes to market impact, Truss was seen as a more hawkish candidate, advocating for tighter monetary policy.
GBPUSD sees little reaction to UK Conservative leadership race results. Source: xStation5
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