The Conservative Party has secured a majority in the GeneralElection 2031. At the time of writing, one seat was yet to be announced. However, the results show the Conservatives won (seats – with being needed for a majority. What has happened to thepoundtoeuroand pound todollarexchange rate amid the results?
Friday December – 8: am
At 8: (am, the pound to euro exchange rate was 1. 2005, while the pound to dollar exchange rate was 1. 3413.
Phil McHugh, Chief Market Analyst at Currencies Direct, commented: “In the run up to polling day, the markets have been proved completely right by pricing in a Conservative majority-traders will only wish they were more aggressive in building their long GBP positions ahead of the vote.
“The sheer size of the majority was truly thumping and helped to push the pound up another leg higher. The Conservative majority now lends clout to Boris Johnson and gives both options and stability in the legislative process not seen for some time.
“The main uplift in the pound was in the run up to and on the release of the exit poll. Focus will now shift to what happens next – we know the first part of Brexit will be delivered with the withdrawal agreement looking sure to sail through.
“However the markets will be keeping a cautious eye on the longer term, with the final trade agreement with the EU still to be negotiated within a very tight timeframe.
“Boris Johnson has stated that he will not extend the transition period and this leaves a no-deal Brexit very much on the table if no agreement or extension is signed by December (************************************************ – – this is a key barrier to further GBP upside.
“The P M will no longer have to rely on the DUP or the ERG for that matter. and this will be of note for the markets who will be keen to see if Boris continues on a hard stance or softens at all as focus switches towards the UK / EU trade deal.
“Any move to a softer stance on the deal itself or on accommodating an extension will be welcomed by the pound.
” In the short term we now see gains in the pound capped with attention shifting to the PM’s tone on Brexit delivery and how negotiations develop on the final trade deal. “
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Pound LIVE: Sterling has soared against both the US dollar and euro(Image: EXPRESS)
At 7: am, the pound was trading at 1. 3413, while the pound to US dollar exchange rate was 1. (********************************************.
Ian Strafford-Taylor, CEO of international money specialist, Equals (previously known as FairFX) said: “This morning we learned that Boris Johnson will remain as the UK Prime Minister after the Conservatives won with a (seat majority) having won (seats with) ******************************************************** (of) declared seats) which saw the pound react positively as the results of the vote were announced.
“In response to the news, the pound has climbed two percent to 1. 298 against the euro compared to yesterday, a high last reached in (**************************************************. The pound has also risen two percent to 1. 356 against the US dollar, a
month high.
“The rising pound is good news for those traveling into Europe and to the USA over Christmas, giving a boost to holiday spending. Those who have a trip planned in the next few days or early in the new year you should keep a close eye on what the pound is doing if they want to get more from their money.
“Mr Johnson called the general election as he felt a new Parliament was needed in order to break the political impasse over Brexit. Over the coming days it’s likely we’ll see the pound embark on a rocky journey as we wait to find out how Brexit will play out. ”
Today, the pound to euro exchange rate opened at 1. 1935, according to Bloomberg, while the pound to dollar exchange rate opened at 1 . .
Michael Brown, Senior Market Analyst atCaxton
, told Express.co.uk: “Sterling surged to its highest levels since July 2019 overnight after the Conservatives won a significant majority at the general election.
“The pound’s move comes as markets price in the i ncreased likelihood of a smooth Brexit at the end of January. ”
Friday Decemeber – 7: am
Today , the pound to euro exchange rate opened at 1. (******************************************************, according to Bloomberg, while the pound to dollar exchange rate opened at 1.
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