British pound stabilizes

British pound stabilizes

On Monday, the British pound stabilized because British Prime Minister Theresa May struggled to pick up the pieces and reunite her Conservative Party following a disastrous election, which could potentially disrupt Brexit talks.

The British pound last traded at $1.2756, soaring 0.1% on the day, having lost 1.7% on Friday, which is its biggest one-day sag in nearly eight months.

The pound had inched down 2.5% in the previous trading session to its lowest value since mid-April after no single party managed to win a clear claim to power in the British election on Thursday. The given outcome drove uncertainty in the financial markets.

Talks on the UK’s exit from the European Union will start next Monday.

The common currency went up 0.1%, being worth $1.1208, keeping below a seven-month peak of $1.1285 reached in early June.

The greenback was intact at 110.29 yen, having rebounded from Friday's one-week peak of 110.815 yen.

 

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