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Britain’s shock vote result hammers pound overnight

Jun 09, 2017, 7:06 AM EDT
(Source: Images Money/flickr)
(Source: Images Money/flickr)

The pound tanked overnight by about 2.3 percent after the U.K. election results showed that no party managed to secure parliamentary majority ahead of tough Brexit negotiations looming large on the country.

Analysts believe that the state of political uncertainty could further fuel volatility in sterling and the U.K. assets, writes the BBC. As the markets remain jittery, large-scale capitalist would prefer moving their fortunes to safer zones, such as the eurozone which is on track of revival.

The political turmoil may have eroded pound’s value but the London stock market took a leap after the currency weakening, notes The Guardian.

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