Pound powers higher as expected Tory win clears Brexit doubts
TOKYO - The pound hit multi-year highs against peers on Friday after a convincing Conservative Party win in the UK election, which is expected to clear the Brexit political gridlock that has hounded Britain’s markets for years.
UK Prime Minister Boris Johnson’s Conservatives have won enough seats to give them an outright majority in parliament, broadcaster ITV said, which would relieve almost four years of uncertainty about when Brexit would take place. Against the euro, sterling EURGBP=D3 rose around 2% to as high as 82.80 pence, the highest since July 2016, which is shortly after the Brexit referendum that hammered the currency.surged more than 2% to reach $1.3516, the highest since May 2018, before settling at $1.3469.
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