DHAKA: The British pound climbed the most in seven weeks as an exit poll indicated the Conservative Party was on track to lead a minority government after the UK election.
Most Asian index futures rose, while crude oil held losses as investors awaited key data on the US labor market, reports The Straits Times.
Sterling jumped more than 0.9 percent against the US dollar and the euro, trading at US$1.5387 by 7:51am Tokyo time after touching its strongest level since April 30.
Futures on equity gauges from Japan to Hong Kong advanced in most recent trading, while contracts on the Standard & Poor’s 500 Index were little changed after the benchmark halted a two-day drop.
US crude was at US$59 a barrel following Thursday’s 3.3 percent retreat.
The poll gave the Conservatives 316 of the parliament’s 650 seats, with the Labour Party trailing on 239 seats.
Should the results bear out, Conservative leader David Cameron would win his second term as prime minister. While China posts trade data Friday, traders are anticipating the monthly US payrolls report, which is seen as key to determining the likely timeline for higher interest rates in the world's largest economy.
‘The market was expecting a messier, closer-run outcome in the exit poll,’ Daragh Maher, a foreign-exchange strategist at HSBC Holdings Plc in London, said by instant message.
‘The fact that it signaled a clear upside surprise for the Conservatives has helped the pound on two fronts. Perhaps the market was a bit short pound into the poll expecting a tight call, and now that is being unwound.’
BDST: 0724 HRS, MAY 08, 2015
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