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Sterling hits new highs against dollar, euro on election optimism

Reuters - UK Focus
Updated

LONDON, Dec 5 (Reuters) - Britain's pound rallied to a new seven-month high against the dollar and 2-1/2 year peak versus the euro on Thursday, extending recent gains on a growing expectation that next week's general election will not result in a hung parliament.

In early trade, sterling rose 0.3% to a as high as $1.3146 . It also firmed 0.3% against the euro to 84.31 pence, its strongest level since may 2017.

Forecasts that the ruling Conservative Party will win an outright majority, removing some of the political uncertainty that has weighed on the currency, has encouraged investors to move back into the pound in recent days. (Reporting by Dhara Ranasinghe Editing by Tommy Wilkes)