British pound soars to multi-year highs as Prime Minister Boris Johnson's Conservative Party looks set to win majority in parliament
The British pound soared to multi-year highs on Thursday as Prime Minister Boris Johnson's Conservative Party looked set for a big parliamentary majority that markets believe means an orderly exit from the European Union.
"Just as Boris Johnson was desperately seeking his majority, this result would give the markets their ultimate wish: clarity," said Dean Turner, Economist, UBS Wealth Management. The pound rocketed as much as 2.5 percent to $1.3516 - its highest since May 2018. It later settled at $1.3459. He said the move was a "relief rally" that the Labour Party under Jeremy Corbyn was unlikely to win and reflected the size of the majority the Conservatives looked set to claim.
Corbyn's nationalisation plans have weighed on UK domestic stocks, and energy and transport shares were tipped by analysts to climb when the stock exchange opened on Friday.Sterling traders at banks and investment firms are working through the night as results of the election trickle in, with the bulk of parliamentary seats to be declared between 0200 and 0400 GMT.
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