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Impending election results in the UK and France were putting the British pound and euro in focus.


The British pound was fractionally weaker at $1.2919 as the early results from a local election – which might provide a useful gauge of the mood in the UK ahead of June’s snap national vote – began to roll in.

Nearly 5,000 seats were contested in the local elections held on Thursday, of those there were 2,370 seats in 34 English councils, 1,254 seats on 22 Welsh councils and 1,222 seats in 32 Scottish councils.

On April 28, the pound closed at a seven-month high of $1.2951.

The euro was down 0.1 per cent at $1.0983 ahead of Sunday’s presidential election between the centrist Emmanuel Macron and far-right candidate Marine Le Pen.

In a televised debate on Wednesday, the former emerged as the clear winner over Ms Le Pen, according to a snap poll, and is seen as the most likely to be elected president on Sunday.

The euro has risen 5.7 per cent since striking a 14-year low in December, and is now at its highest level in six months.

Copyright The Financial Times Limited 2017. All rights reserved.
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