The British pound sterling rallied on the resignation of British Prime Minister Liz Truss after only six weeks in office.

Sterling rose 0.5%, reaching $1.13 vs the US dollar before falling slightly back.

The FTSE 100 index also briefly surged, before falling back, as the FTSE 250 remained in the green.

The BBC reported an analyst had told its reporter that the markets were relieved at Truss’ resignation, however there remained great uncertainty in the markets.

In her resignation announcement, Liz truss admitted her mandate could not be delivered. When she introduced her “mini-budget,” promising enormous tax cuts, but failing to explain how they would be paid for, borrowing costs soared, with the bond market almost collapsing. That forced the Bank of England to go on a gilt-buying spree to stabilize the market.

Last week Chancellor of the Exchequer Kwasi Kwarteng exited his position, allowing successor Jeremy Hunt to reverse a number of elements of Truss’ original plan.