• About Us
  • Authors
  • Currency Charts
  • Live Exchange Rates
  • Contact Us

Exchange Rate Forecast

Exchange rate forecasts and foreign currency news

  • British Sterling
  • Euro
  • US Dollar
  • Australian Dollar
  • Canadian Dollar
  • Brexit News
You are here: Home / British Sterling / Hung Parliament – Theresa May’s gamble backfires

Hung Parliament – Theresa May’s gamble backfires

June 9, 2017 by Ben Fletcher

Hung Parliament – Theresa May’s gamble backfires

The general election has produced no overall winner. The Conservative party’s gamble has backfired. They are still the biggest party, however they were hoping to gain more seats in Parliament and strengthen their position for Brexit negotiations but have actually lost 12 seats (at the time of writing). Labour have done better than expected gaining 29 seats.

Exit polls called it

At 10:00pm last night the first exit poll results were announced and they indicated no majority and a hung Parliament. On this news the Pound weakened, with rates for buying Euros and US Dollars dropping by two cents.

Volatility the norm

The rates seem to have stabilised with GBP/EUR around the 1.13 mark and GBP/USD at 1.27. However, with political uncertainty being such a powerful driver for exchange rates there may be more to come.

GBP/EUR exchange rateWith the need for a coalition government GBP exchange rates could remain volatile with sharp movement up and down a strong possibility on announcements. Theresa May has said she has no intention of stepping down, but there is likely to be lots of big news over the next few days as rumours circulate of coalition details.

As the day unfolds and with the result still to be finalised it appears Sterling exchange rates will continue to react to announcements during the day, this is also likely to drag into next week.

Filed Under: British Sterling Tagged With: Hung Parliament, Pound Sterling weakness, Theresa May, UK election

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

Recent Posts

  • Sterling finds support but unlikely to make any significant impact in the coming days May 9, 2018
  • US Dollar hits 5 month high against Sterling May 2, 2018
  • Sterling exchange rates at the mercy of political developments May 1, 2018
  • Pound weakens as political uncertainty once again raises its head May 1, 2018
  • Will Mario Draghi’s speech impact GBP/EUR? April 26, 2018

Live Exchange Rates

Archives




Copyright © 2021 — Currency.co.uk • All rights reserved. • Exchange Rate Forecasts • Privacy Policy •

We use cookies to ensure that we give you the best experience on our website. By using this site you agree to receiving cookies.I agreeRead Privacy Policy