Early Election Results Help Pound Gain – 12 December, 2019

Early UK election results helped the pound reach an a high not seen since May 2018  with results pointing towards a conservative win. The pound skyrocketed over 2% to $1.3516, its highest since May 2018, before settling at $1.3482. Sterling gained 2% against the euro to 82.80 pence in its highest since 2016. Since the vote to leave the european union in 2016, sterling has fallen over 10%. The U.S.- Sino trade negotiations progress success helped relieve worries over global economic growth, helping the yuan gain and the yen dip. In onshore markets, the yuan was trading at 6.9642 per dollar. The Aussie gained 0.16% to $0,6923, and the kiwi last traded at $0.6636 per dollar. The yen fell to its weakest in three weeks against the dollar, dipping to 109.595 per dollar. The euro rose by 0.4% to $1.1177, while the dollar index slipped 0.67% against six major currencies to 96.749.