The pounds has held steady against the US dollar after the general election exit poll projected a Labour landslide.
Sterling was relatively flat against the US dollar, remaining around 1.276, and against the euro, holding at 1.18, after polling stations across the country closed at 10pm. A large Labour majority had been widely expected and priced into financial markets, leading to a muted reaction for the pound. Currency movements typically indicate the immediate reaction from financial markets to events that could have an impact on the political and economic landscape.
" Economists for Investec Economics said a large Labour majority was "well trailed" by several opinion polls, hence the pound failing to "react virtually at all". "What will matter more to markets, ultimately, is what a Labour government chooses to do if and when it takes office," Investec said.
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