British pound steadies as Theresa May prepares minority government

British pound steadies as Theresa May prepares minority government

British pound steadies as Theresa May prepares minority government

Written by Keshala Dias

12 Jun, 2017 | 3:44 pm

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

Sterling was little-changed against the dollar at $1.2739 and dipped 0.1% against the euro to 1.1367 euros.

On the stock market, the FTSE 100 index opened down 0.4% at 7,497.14.

Analysts suggest the likelihood of a minority Conservative government might stave off further falls in the currency.

Last Thursday’s snap general election saw Theresa May lose her majority, throwing the country into political uncertainty.

However, May had been hoping to increase her majority ahead of the upcoming Brexit negotiations with the European Union and is in talks with the Democratic Unionist Party to support her administration.

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