Sterling rises after election poll, yuan up on trade deal
By Stanley White TOKYO (Reuters) - The pound rose to a three-and-a-half year high versus the euro and the highest in more than a year versus the dollar after exit polls suggested a win for the Conservatives, which should help ensure the UK's smooth exit from the European Union. The Japanese yen fell and the Chinese yuan surged in offshore trade after Bloomberg News reported that U.S.
By Stanley White
TOKYO (Reuters) - The pound rose to a three-and-a-half year high versus the euro and the highest in more than a year versus the dollar after exit polls suggested a win for the Conservatives, which should help ensure the UK's smooth exit from the European Union.
The Japanese yen fell and the Chinese yuan surged in offshore trade after Bloomberg News reported that U.S. President Donald Trump signed off on a trade deal with China that will delay a new round of tariffs scheduled for Dec. 15.
The early results suggest the election will relieve almost four years of uncertainty about when Brexit would take place, which should be supportive of the pound.
A successful scaling back of trade tension would relieve one major headwind to economic growth, which suggests lower demand for the safe-haven yen. Avoiding new tariffs should also be a boost to China's slowing economy, which should draw more investors to the yuan.
Against the euro, sterling
Against the dollar, the yen
In the offshore market, the Chinese yuan
(Reporting by Stanley White; editing by Diane Craft)
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