Pound surges as U.K. election poll predicts strong Boris Johnson victory
The poll, which is still only a prediction, has the Conservatives winning 368 seats and Labour suffering heavy losses and having 191 seats.
Neil Wilson, analyst at Markets.com said: “The exit poll shows a whopping victory for the Conservatives and the perfect result for the market and for business. Markets hate uncertainty but they would have hated a Corbyn government a lot more. A strong pound would typically send FTSE 100 futures lower as the index is largely made up of big overseas earners.
He said: “The gains seen amongst Brexit sensitive sectors, such as housebuilders and retailers, in the last 3 months should be extended as trading opens on Friday. In turn those multinational UK sectors that have predominantly US dollar or Euro revenues, such as resource companies, are likely to underperform as the sterling rally reduces the value of foreign earnings.”Sterling rallied to $1.32 on Wednesday on increased confidence of a Boris Johnson victory but dropped back to $1.
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