Pound Off High as Brexit Party Tops Early U.K. EU Vote Results
- Conservatives, Labour Decimated as Voters Rebuke Leadership
- Sterling could be hit on larger probability of No Deal: Rabo
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The pound’s initial gains were trimmed after the hard-line Brexit Party took the lead in the first wave of results of the nation’s European parliamentary election.
Sterling erased gains of as much as 0.3% as Nigel Farage’s new single-issue Brexit Party won 39% of the vote in the northeast of England, the first full result. Labour took just 19% of the vote, from 36% last time. The swing may harden the stance the next Tory leader takes toward Britain’s divorce from the European Union, following Prime Minister Theresa May’s resignation Friday.