Sterling strong ahead of general election


The pound remained strong on Monday, buoyed by opinion polls that point to the Conservative Party winning Britain’s general election on Thursday. The currency surrendered some gains when a later poll showed their lead over the Labour party narrowing. Expectations that the Conservatives will secure an outright majority at next weeks election has boosted the pound in recent days, as investors believe a Conservative majority will help end months of Brexit uncertainty.

Sterling hit a seven-month high against the dollar and a 2 ½ year peak versus the euro after Boris Johnson’s Conservatives extended their lead over the Labour Party. However, a later poll showed their lead declining to six percentage points which put some pressure on sterling.

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