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Pound loses ground to all major currencies as election results come in

If early Asia Pacific trading is any indication the pound is in for a long and painful Friday, as the British currency is currently down more than 1 per cent against not just the dollar but all of its international peers.

The pound was down 1.7 per cent against the dollar at $1.2734 on Friday morning in Asia as a number of key seats are from the general election are due to be called in coming hours. It was down the same amount against Japan’s yen and South Korea’s won.

Sterling had lost 1.6 per cent against the Australian dollar South African rand and Canadian dollar. It was down 1.5 per cent against the Swiss franc and down 1.4 per cent against the euro.

The ruling Conservatives are on course to loser their majority leading to the first hung parliament since 2010. Sterling had surged on the decision to hold the general election in April on hopes the Tories would boost their majority with some estimates putting it upwards of 100 seats.