Sunak has taken over from Liz Truss as the new UK PM. The days of ‘Trussanomics’ are firmly in the rear mirror. But what exactly does this mean for the Pound? Tighter fiscal policy under Sunak will lead to slower growth and higher chances of a recession. This means the BoE will likely be less aggressive with rate hikes. None of this is particularly positive for Sterling. Tuesday’s session is off to an almost completely flat start at the European open. The Dax and FTSE are unchanged since Monday’s close, and currencies are also mostly unchanged. Very minor relative weakness can be seen in the Euro with a drop of ... (full story)