Currencies: Dollar rises, pound hits 7-week low as U.K. faces ‘hung parliament’

The U.S. dollar strengthened against major rivals on Friday, notably against the British pound, which fell to a seven-week low after the Conservative Party lost its parliamentary majority in the U.K. general election.

The pound GBPUSD, -1.7056% bought $1.2736, well off from late Thursday’s level of $1.2957 before the first indication of the election result was released.

Sterling fell to as low as $1.2636 earlier Friday, FactSet data showed, touching levels not seen since April 18, when U.K. Prime Minister Theresa May called a snap election to strengthen her hand in negotiations for Britain’s exit from the European Union.

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