The British pound fell by 1.6% to $ 1.2747 as a result of the relative defeat of the Conservative Party in the UK elections.
Prime Minister Theresa May was betting that she would strengthen her party’s power in the House of Representatives, but Labor’s results showed that Labor was gaining strength.
The British pound is now 3.5% higher than it was at the beginning of the year and above $ 1.1821, the lowest in the past year, falling more than 10% after the referendum on exiting from the European Union.
Yesterday, Wall Street posted slight gains following the testimony of former FBI chief James Coomy about Trump’s contacts with Russia prior to the election.
The markets, in general, ignored the potential for political turmoil in his testimony.
The price of the oil holds steady at $ 45.61 for a WTI barrel.
The Euro is down by 0.2% to $ 1.12 and the Japanese yen retreated by 0.3% to 110.33 yen per dollar.