The pound was punished today amid worries that plans to slash the UK's soaring deficit could be delayed by political uncertainty.
Fears of a hung parliament after the looming general election have been fuelled by a narrowing Conservative poll lead and sent sterling to a nine-month low of 1.478 against the dollar at one point.
The pound was also on the back foot against the euro, falling as low as 1.09 before clawing back some ground against both currencies.
"If there is one thing markets hate it is uncertainty, and the prospect of a hung parliament could keep sterling on the defensive until the general election is done and dusted," Capital Economics' John Higgins said.......... read more>>
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