Oh dear Theresa, oh dear. The UK election has returned a hung parliament, pretty much the opposite of what current UK Prime Minister Theresa May was hoping for when she called a snap election. I say “current” as she may not be current for too much longer. There are a plethora of intriguing implications that this result has for UK politics going forward, however the market impact of the hung parliament has been for sterling to fall sharply on the result. Over 200 pips lower and it will be interesting if European traders continue to batter the pound today amidst the uncertainty that comes with a hung parliament. To be ... (full story)