Sterling snaps losses versus US dollar on Queen Elizabeth’s death

Reuters reported that the British Pound has trimmed losses against the US dollar on Thursday after Queen Elizabeth, Britain’s longest-reigning monarch and the nation’s figurehead for seven decades, died.

Sterling was last down 0.2% at $1.1511 . It hit as high as $1.1516 following the news.

“The Queen died peacefully at Balmoral this afternoon,” Buckingham Palace said in a statement. The euro, on the other, hand rose 0.1% against the pound to 86.84 pence.

Britain’s new government is freezing consumer energy bills for two years and providing support to businesses from crippling energy costs, new Prime Minister Liz Truss unveiled on Thursday, in a package that could cost about 150 billion pounds ($173 billion).