Steven Mnuchin is the British pound's new best friend

U.K. Treasury chief Philip Hammond defused an awkward moment at the World Economic Forum on Thursday with a joke, publicly thanking his American counterpart for comments that sent the pound to its highest level against the U.S. dollar since June 2016.

Pound tumbles on U.K. election turmoil

The British pound is trading sharply lower against the dollar Friday after voters in the U.K. delivered a stunning setback to Prime Minister Theresa May.