The British pound had a rocky day on Friday, plunging in the wake of the shock election result before clawing back losses towards the end of trade.
The election, which resulted in a hung parliament despite predictions of a strong Conservative win, cause the pound to sink overnight as traders reacted to the results coming in.
The currency dropped to its lowest level in six weeks, down 2 percent in early morning trade. Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, described the exit poll – which predicted that the Conservatives would fail to achieve a majority – as a “thunderbolt”, sending shockwaves across the city.
As Friday progressed and Theresa May announced she would hold on to her position as Prime Minister with a minority government and cooperation from the DUP, the pound started to recover. The pound is now currently up 0.14 percent against the dollar and 0.18 percent against the euro.
