The General Election exit poll predicting a huge majority for Boris Johnson's Tory party caused the pound to soar against the dollar and euro - and it has remained at that level throughout the night.
Moments after the exit poll results were announced, the pound hit an 18-month high against the dollar, up 2.21% to $1.347, and up 1.09% to €1.202.
It later rose to €1.208 - a three-year high against the euro.
Announced as polls closed at 10pm, the exit polls predicted the Conservatives to win 368 seats - a majority of 86. Labour are expected to take just 191.
Reaction from the city was one of relief with experts expecting a "comfortable" evening following the announcement of the poll results.
Neil Wilson, chief market analyst at Markets.com, said: "Markets hate uncertainty but they would have hated a Corbyn government a lot more.
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"This looks like a comfortable evening ahead - the margin of victory is huge and even if it is not quite as big as the exit poll indicates, the Conservatives will still have a huge majority."
Liverpool Mayor Joe Anderson reacts to projected Tory win:
Dean Turner, an economist at UBS Wealth Management, said: "We've long said that sterling looks a very cheap currency. If Brexit is indeed completed by the end of January, we see the pound trading as high as 1.35 against the US dollar.
"However, a long-term lack of clarity on Brexit and sterling to produce minimal UK earnings growth next year."
