Sterling rallies against the euro as Britain heads to the polls

Sterling has bucked up against the euro, hours after polling began in the UK general election and ahead of the imminent European Central Bank meeting.

Sterling rallies against the euro as Britain heads to the polls

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The pound was trading at €1.152 against the euro, its highest level in over a week, as the final general election polls pointed to a wider lead for Conservatives.

The British currency’s gain over the euro happened hours before the ECB is due to announce its latest decision on interest rates.   

Sterling also managed to recoup some ground against the dollar, rising from Monday’s $1.2904 to $1.2956.

Despite sterling’s stronger stance, the FTSE 100, which has benefited from the pound’s depreciation since Brexit, was 0.05% higher at 7,482.3.

The index was boosted by the gains of low cost airline carrier easyJet (+1.43% to 1353p) Lloyds Banking Group (+1.26% to 71p) and supermarket, Tesco (+1.21% to 181p).

Builder materials group Wolseley, real estate firm Intu Properties and gold mining business Randgold Resources were the index’s top fallers Thursday morning.

The more domestically focused FTSE 250 was down 0.15% as trading began on Thursday but soon surpassed the previous close, up 0.03% to 19,704.

 

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