Market Extra: Pound tumbles to 7-week low as U.K. exit poll points to hung parliament

The pound dropped to its lowest level in seven weeks on Thursday after a U.K. election exit poll pointed to sharp drop in support for the ruling Conservative Party and indicated the general election could produce a hung parliament.

Sterling GBPUSD, -1.6285% tumbled to as low as $1.2695, after trading around $1.2960 before the poll came out. That means the U.K. currency is back to trading around levels before April 18, the day Prime Minister Theresa May called the snap election in a bid to strengthen her Brexit mandate.

According to the exit survey out immediately after polling stations closed, the Conservatives stand to win 314 seats, short of the 326 needed to secure a majority.

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