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Pound Stable as May Prepares Minority Government

Europe | June 12, 2017, Monday @ 08:54| 65 views

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The British pound has stabilized on Asian markets, remaining at its low after last week's shock election results in the UK.

The currency traded at USD 1.2740 early on Monday after Friday's USD 1.2743 close. Analysts suggest the likelihood of a minority Conservative government might stave off further falls in the currency.

Prime Minister Theresa May is in talks with the Democratic Unionist Party to support her administration. Last Thursday's snap general election saw Mrs May lose her majority, throwing the country into political uncertainty. 

She had been hoping to increase her majority ahead of the upcoming Brexit negotiations with the European Union.

On Friday, sterling reacted to the vote by sliding 1.7 percent, its biggest one-day drop in about eight months.

The uncertainty caused by the election result has also led business confidence to sink "through the floor", according to one lobby group.


Tags: UK, Theresa May, Sterling, pound, stable


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