The pound traded as low as $1.3118 from $1.3195 on Wednesday as traders anticipate whether the Conservatives will secure a majority in Parliament or not.
The pound GBPUSD, -0.5608% traded as low as $1.3118 from $1.3195 on Wednesday, as traders anticipate whether the Conservatives will secure a majority in Parliament or not.
On the Betfair betting market, the odds were pointing to the Conservatives winning, though they were moving throughout the day. The market will be better informed when exit polls are released at 10 p.m. local time, or 5 p.m. Eastern. The FTSE 100 UKX, +0.79% meanwhile was buoyed by sterling weakness, as it added 0.48% to 7251. Many of the top companies in the FTSE 100 generate the bulk of revenue outside of Britain, so their stock prices rise when sterling falls.
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