UK Pound Rises After Labour's Election Victory

The British pound surged to a three-week high against the euro following France's election results hinting at a hung parliament, while Finance Minister Rachel Reeves pledged economic reforms post-Labour's victory. Expectations of a Bank of England rate cut rose amidst strong US job data and potential Fed rate cuts. Meanwhile, the US dollar dipped as the Labour Party's UK election win boosted market sentiment and the euro saw gains amid French political uncertainties. In cryptocurrency news, bitcoin faced significant losses. The political stability brought by Labour's victory and a potential positive growth outlook were well received by markets.