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- Pound rises after SNP misses out on outright majority in polls
Pound rises after SNP misses out on outright majority in polls
Bloomberg reports that the pound gained by 0.6% against the dollar after Prime Minister Boris Johnson emerged stronger from local U.K. elections, while the main party pushing for independence in Scotland failed to win an outright majority.
The U.K. prime minister had gone into the elections on the back foot, but emerged stronger after his party tightened their grip in northern England. While the Scottish National Party wants to press for another referendum on independence, it fell one seat short of an outright majority after the election.
“Calls for an independence referendum certainly won’t go away, but the FX market doesn’t seem to be reading the election outcome as heralding fresh immediate political risks for the pound,” said Richard Franulovich, head of foreign-exchange strategy at Westpac Banking Corp. in Sydney.
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