BRUSSELS (Alliance News) - The British pound continued to be weaker against the other major currencies in the late Asian session on Monday amid concerns over growing political uncertainty about the UK general election on May 7.
Opinion polls show that the ruling Conservatives and the main opposition Labour Party are racing too tightly, making the possibility of a hung parliament.
The market also focus on other possible outcomes for the Scottish National Party and UKIP, which are also the key players in the post election scenario.
In the late Asian trading today, the pound fell to 1.4565 against the US dollar for the first time since June 2010. At Friday's close, the pound was trading at 1.4630 against the greenback. If the pound extends its downtrend, it is likely to find support around the 1.44 area.
The pound dropped to 175.44 against the yen for the first time since October 31, 2014. The pair traded at 175.82 at Friday's close. On the downside, 174.00 is seen as the next support level for the pound.
Against the Swiss franc and the euro, the pound slipped to a 6-day low of 1.4285 and a 4-day low of 0.7264 from Friday's closing quotes of 1.4328 and 0.7238, respectively. The pound is likely to find support around 1.40 against the franc and 0.74 against the euro.
Looking ahead, US monthly budget statement for March is due to be release at 2:00 pm ET.
