(Reuters) - Sterling dropped more than half a percent against the dollar late Tuesday after a new poll found that British Prime Minister Theresa May’s Conservative Party risks falling short of an overall majority in next month’s national election.
Sterling slid 0.55 percent against the greenback in about 25 minutes after details of the poll were published by the Times late Tuesday. It last traded at $1.2804 vs $1.2862 before the news crossed.
In contrast to signs from a string of opinion polls that have suggested May’s Conservatives will increase their majority, the new constituency-by-constituency modeling by YouGov showed it might lose 20 of the 330 seats it holds and the opposition Labour Party could gain nearly 30 seats, The Times said.
Reporting by Dan Burns; Editing by James Dalgleish