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Sterling falls as hung parliament becomes a reality

The pound has fallen against both the euro and the dollar after it became clear that the UK general election had produced no clear majority.

Sterling was down three cents against the dollar at $1.4633, and down 2.6 cents against the euro at 1.1478 euros.

As predicted when the prospect of a hung parliament became apparent, the markets are concerned that a weak government might be unable to reduce the UK's high budget deficit quickly.


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