The British Currency Fell As The Possible Hung Parliament Looms
On Monday the British pound fell to a nine-month-low against the Japanese yen at Forex markets across the globe, including such companies as Finexo. The British Currency Fell As The Possible Hung Parliament Looms, with a recent opinion poll showing the chances of an inconclusive outcome to the upcoming British election, which has to be held within months.
The pound suffered due to the uncertainty surrounding the upcoming UK general election but was also held back by news that Britain could revive its asset buying programme, following a statement made last week by the Bank of England stating that it may take such action should the economic outlook worsen in the future.
When Forex news like this is released it inevitably has an impact on the value of currency pairs, in this case the GBP/JPY. This particular currency pair ended Monday by dropping to around 134.50 yen, a nine-month low for the British/Japanese pair.
It’s not just the Japanese yen which has been making headway against the pound. The US dollar has also been gaining against its British counterpart. News of a possible hung parliament following the UK general election prompted many Forex traders at Finexo and other Forex sites to add to short positions in the British pound, pushing it down as low as $1.5129 against the greenback.
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