The pound jumped by the most since 2017 on signs Boris Johnson's Conservative Party was on course to secure a strong majority in the U.K. election, raising hopes of an end to the Brexit deadlock.
The surge took sterling to its highest level since May 2018 against the dollar and the strongest rate versus the euro since the aftermath of the referendum on European Union membership in 2016. An exit poll undertaken by the BBC and other broadcasters said the party was on course to win 368 seats in the House of Commons, a majority of 86, and early results supported the findings.
Sterling jumped as much as 2.7% to $1.3514, its biggest intra-day gain since April 2017, and was 2.2% higher at $1.3452 at 12:40 a.m. London time. It rallied by 1.8% to 83.05 pence per euro, touching 82.80 pence, the strongest level since July 2016.
Source : Bloomberg