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| Version 0 | Version 1 |
|---|---|
| Sterling stabilises as May prepares minority government | Sterling stabilises as May prepares minority government |
| (about 4 hours later) | |
| The British pound has stabilised on Asian markets, remaining at its low after last week's shock election results in the UK. | The British pound has stabilised on Asian markets, remaining at its low after last week's shock election results in the UK. |
| The currency traded at $1.2740 early on Monday after Friday's $1.2743 close. | The currency traded at $1.2740 early on Monday after Friday's $1.2743 close. |
| Analysts suggest the likelihood of a minority Conservative government might stave off further falls in the currency. | 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. | 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. | 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. | 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%, its biggest one-day drop in about eight months. | |
| Confidence drop | Confidence drop |
| The uncertainty caused by the election result has also led business confidence to sink "through the floor", according to one lobby group. | The uncertainty caused by the election result has also led business confidence to sink "through the floor", according to one lobby group. |
| A snap poll of 700 members of the Institute of Directors found a "dramatic drop" in confidence following the hung parliament. | A snap poll of 700 members of the Institute of Directors found a "dramatic drop" in confidence following the hung parliament. |
| The loss of the Conservatives' majority in the House of Commons has led Theresa May to seek the support of MPs from Northern Ireland's Democratic Unionist Party to govern. | The loss of the Conservatives' majority in the House of Commons has led Theresa May to seek the support of MPs from Northern Ireland's Democratic Unionist Party to govern. |
| The DUP, which has 10 MPs after the election, has garnered a reputation for its strong and controversial views on a number of social issues. | The DUP, which has 10 MPs after the election, has garnered a reputation for its strong and controversial views on a number of social issues. |
| 'Struggling in a vortex' | 'Struggling in a vortex' |
| Global currency markets watching how the UK's post-election uncertainty pans out will likely focus on what it means for the country's exit from the European Union. | Global currency markets watching how the UK's post-election uncertainty pans out will likely focus on what it means for the country's exit from the European Union. |
| Negotiations with Brussels are due to begin next week, with the outcome expected to have a significant impact on the economies of both the UK and the EU. | Negotiations with Brussels are due to begin next week, with the outcome expected to have a significant impact on the economies of both the UK and the EU. |
| Mrs May has been pushing for a so-called hard Brexit - where the UK leaves the EU single market and the customs union - instead of a softer Brexit, where the UK would maintain the benefits of those associations. | Mrs May has been pushing for a so-called hard Brexit - where the UK leaves the EU single market and the customs union - instead of a softer Brexit, where the UK would maintain the benefits of those associations. |
| "Certainly, prolonged uncertainty would argue for a deeper correction on sterling as May's diminished Brexit mandate scenario plays out," said Stephen Innes, senior trader at Oanda. | "Certainly, prolonged uncertainty would argue for a deeper correction on sterling as May's diminished Brexit mandate scenario plays out," said Stephen Innes, senior trader at Oanda. |
| "However, there are cooler heads in play suspecting the only real option left is the more market-friendly outcome where the UK adopts a European Economic Area styled agreement. So, expect markets to struggle in the vortex of near-term possibilities clashing with longer term probabilities." | "However, there are cooler heads in play suspecting the only real option left is the more market-friendly outcome where the UK adopts a European Economic Area styled agreement. So, expect markets to struggle in the vortex of near-term possibilities clashing with longer term probabilities." |