British election upset suppresses sterling

British election upset suppresses sterling

On Friday, the British pound sank steeply right after British Prime Minister Theresa May's Conservative Party suddenly fell short of an expected majority in the country’s general election.

The British pound sank 1.5%, being worth $1.2764, having tumbled to $1.2693, losing 2%, thus demonstrating the weakest outcome since April 18.

According to an updated BBC forecast, May's Conservatives would grasp 318 of the 650 seats, which is eight short of a majority. Meanwhile, Corbyn's left-wing Labour was expected to win 267 and it would result in a so-called "hung parliament" a pure deadlock.

Such a shocking outcome was supposed to bring domestic politics into turmoil and also affect the nature of Brexit negotiations.

However, reactions in other key currencies, including the common currency, greenback and yen, were quite moderate.

The major US bank ends a two-day gathering on Wednesday. It’s widely expected to lift interest rates.  Investors are eager to know whether it would welcome further monetary tightening in the nearer months or not.


Aussie and Kiwi ascend

On Tuesday, the Australian and New Zealand dollars edged up versus their American rival notwithstanding the publication of dismal Australian data because market sentiment on the US currency turned to be vulnerable ahead of the Fed’s last policy gathering…

Greenback is steady with focus on Fed gathering

On Tuesday, the evergreen buck was sturdy enough keeping to two-week maximums against a basket of key currencies, with market participants waiting for the Fed’s policy gathering this week for new catalysts…

Bitcoin futures overleap $18,000

On Monday, the world’s craze for cryptocurrencies entered a fresh chapter as bitcoin futures shockingly ascended by one-fifth of their market value at a closely-monitored launch…


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