(Alliance News) - The pound firmed as Labour continued to hemorrhage seats as the results of the UK election ran into the early hours of Friday, with the Conservative party on course for a solid majority.
"For a time the pound had settled around USD1.3450 against the US dollar, but has begun to climb towards USD1.35 as key seats such as Workington and the Vale of Clywd turned blue, fulfilling expectations of gains in these vital areas," said Chris Beauchamp, chief market analyst at IG.
Sterling was quoted around USD1.3497 just after 0200 GMT on Friday, having surged above the USD1.35 mark following the exit poll late Thursday.
The pound started to slip back as the results began to roll in, but firmed as the Conservatives continued to rack up gains at the expense of Labour.
Blyth Valley was the first Labour seat of the 2019 election to slip out the party's grip, the result out before midnight and showing a 15% drop in Labour's vote share. The seat had been held by Labour since 1950.
This was followed by losses in Workington and Darlington for Labour, both falling to the Conservatives.
However, Beauchamp noted the impressive performance from the SNP could spell trouble ahead.
"The SNP are expected to have a good night, suggesting that 2020 will see another push for a Scottish independence referendum. While the Conservatives will oppose this, some of the problems of the new parliament are already appearing. Boris may find that winning the election is the easy part," he said.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
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