Forex Market Update : Epic Research Singapore

An initial relief rally in the British pound after Scotland voted to remain in the U.K. fizzled on Friday. Market players are attributing the pound’s pullback to investors taking profits after the currency’s rose leading up to the closely-watched vote.

The sterling GBPUSD, -0.58%  traded at $1.6322, down from around $1.6400 when the polls closed on Thursday. Earlier on Friday, the pound had surged to $1.6526 when initial polling results pointed to a majority of Scottish voters rejecting independence.

The euro GBPEUR, +0.14% traded flat against the pound at £0.7870 Friday, compared to £0.7856 Thursday.

London’s benchmark stock index, the FTSE 100 UKX, +0.27%  jumped 0.6% to 6,859.56, setting it on track for the highest closing level in two weeks.

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