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Pound hurt amid chance of hung parliament

The British pound was under pressure in Asian trade following modelling that the chance of the UK suffering a hung parliament at next month’s election had grown.

Sterling was the worst performing major currency today, down 0.3 per cent at $1.2823 after a YouGov model showed Prime Minister Theresa May’s Conservative party could lose 20 seats in the June 8 vote, while Jeremy Corbyn’s Labour party could pick up 30 seats, leaving neither side able to claim a majority victory.

The pound fell as much as 0.5 per cent today, but gained 0.2 per cent on Tuesday before the model was released. Sterling closed above $1.30 on May 19 and 20 for the first time since the end of September.