Pound leaps to new high versus dollar, euro on Tory win

Business | 13 Dec 2019 1:31 pm

The UK pound hit multi-year highs against peers today after a convincing Conservative Party win in the UK election, which is expected to clear the Brexit political gridlock that has hounded Britain's markets for years, Reuters reports.

The pound surged by more than 2 percent to reach US$1.3516, the highest since May 2018, before settling at US$1.3469.
That contrasts with the more than 10 percent plunge that immediately followed Britain's vote to leave the European Union in June 2016, which wiped US$2 trillion off world markets.
Against the euro, sterling rose around 2 percent to 82.80 pence, the highest since July 2016, which is shortly after the Brexit referendum that hammered the currency.

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