Pound steady after Labour set to win big in UK election
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LONDON, July 4 (Reuters) -Britain's pound was steady on Thursday, after an exit poll indicated Keir Starmer's opposition Labour party was on track to win a massive majority in a general election.
Sterling GBP=D3 was trading around $1.276, up 0.1% on the day, showing little change on levels seen before the exit polls. The pound was also broadly unchanged against the euro EURGBP=D3, which was flat at 84.71 pence.
"Labour has marginally underperformed versus some of the latest polls but nonetheless have a huge majority. If you had offered them this result 6 months ago – they would have bitten your hand off," said Mizuho senior economist Colin Asher.
"Unsurprisingly, sterling was almost unmoved by the exit poll."
Sterling has edged up since the election was called in May by Conservative Prime Minister Rishi Sunak, earlier than anticipated. It is the strongest-performing major currency against the dollar this year, with a gain of 1.2%.
On a trade-weighted basis GBPTWI=BOEL, the pound is now back where it was in 2016, at the time of the Brexit vote, reflecting a belief among traders and investors that a period of currency volatility, driven by political and economic tumult under the Conservatives, may be drawing to an end.
The memory of the market chaos triggered by former Prime minister Liz Truss' "mini budget" of September 2022 is still relatively fresh in investors' minds and Britain's stretched finances will give any new government little leeway to increase spending.
So, preserving investor trust while tackling numerous economic challenges will be paramount.
Reporting by Amanda Cooper; Editing by Dhara Ranasinghe
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