The pound has started the morning on a choppy note, weak against the dollar and stronger against the euro. This comes as the possibility of a no-deal Brexit is looking increasingly likely, due to the Brexit Party receiving the highest share of the vote in the European elections.
The Liberal Democrats and the Green Party also made significant gains with their pro-EU manifestos. However, the big two, Labour and the Conservative Party, suffered huge losses due to their handling of the Brexit process so far. The Tories finished in 5th place with less than 10% of the vote.
Sterling finished last week on a choppy footing as the markets processed Theresa May’s resignation announcement. Whilst the government decide on their plan of action and engage in the process of electing a new Prime Minister, we can expect the pound to be as volatile as ever.
