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The British pound gained about 1 percent and traded as high as $1.25 against the greenback following the U.S. presidential election as currency investors were likely speculating that president-elect Donald Trump would be more favorable to the UK post-Brexit.
Animosity Avoided
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Former UK Prime Minister David Cameron described Trump as being "divisive, stupid and wrong." Needless to say the animosity would have created political tension between the two leaders, but Cameron stepped down and replaced with Theresa May.
In addition, President Barack Obama traveled to the UK and warned its people that if they vote in favor of Brexit, then a trade deal with the U.S. would be low on his party's priority list - a policy which was presumed to remain in place if Hillary Clinton won the race to the White House.
Trump Is More Pro British Than Clinton
According to UK-based Daily Mail, Trump's victory is considered to be a boost for the UK. In contrast to President Obama, Trump pledged a trade deal with the country would be at the "front of the queue."
Conservative MP Jacob Rees-Mogg told the publication that Trump's attitude towards the company is "more positive than the hostile approach taken by Obama so I am optimistic about Anglo American relations."
Michael Fabricant, a fellow Tory MP, told the Daily Mail that Trump is "very pro-British with extensive business interests in the UK." He added that the billionaire real estate mogul turned presidential-elect "means it" when he said that a trade deal with the country is a top priority.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.