B1 Intermediate UK 65 Folder Collection
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Sterling took a knock today after new research from YouGov suggested
that the conservatives could fail to win an overall majority
in the UK's June the 8th general election.
The pollsters' findings caught the market's attention
when they were released during Asian trade,
and the pressure stayed on the pound for much of the European morning
by enough for it to fall under its closing level on April the 18th,
the day Theresa May called the election.
But the pound pared its losses as a more nuanced view of the research emerged
and the less dramatic findings of other polls were factored into investors' thinking.
Sterling fought back from its low point under $1.28,
back above that level, leaving it steady overall on the session.
Analysts currently agreed that the importance of UK politics
as the main near term influence on the currency, is difficult to overstate.
During the campaign, the pound has generally risen with the poll ratings of the government,
and come under pressure when there's a perception that the election races tightened.
The turbulence leaves the pound short of its recent high of $1.30,
which came when expectations of a bigger conservative majority peaked.
Don't forget, the pound was trading at over $1.48 before the Brexit vote last year.
While that valuation is a distant memory,
it does look as if investors will need to stay tuned into UK politics
after the labor party's strong campaign, and significant fight back in the polls.
The longer term outlook for the pound will, of course,
be defined by the makeup of the next government,
and what investors think that will mean for
the kind of Brexit agreement it will reach with the EU.
But before the polling that really matters, at the ballot box on June the 8th,
there is likely to be further volatility ahead.
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How the pound is trading ahead of UK election | Markets

65 Folder Collection
Jerry published on June 16, 2017    Jerry translated    Samuel reviewed
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