The pound fell last night as the latest major opinion poll suggests a slimmer majority for Boris and the Conservatives. The MRP Times sponsored poll shows a reduced Tory majority from 68 two weeks ago to 28 as of last night. The pound dropped as soon as the fresh information crossed news wires last night at 10pm.
Sterling fell across the board, pushing towards the €1.18 and $1.31 levels against the shared currency and greenback, respectively. This latest development suggests it’s all to play for in the next chapter of UK politics with the big day arriving in less than 24 hours. No doubt the pound will be trading with extra caution across the next 48 hours and will be largely driven by headlines and rumours.
Today sees the latest installment of Fed ‘thinking’ with another monetary policy announcement this evening. It’s highly likely the central bank maintain rates at 1.75% but express a dovish tilt. The announcement arrives tonight at 7pm followed by the press conference with Jay Powell half an hour later.
Written by Viv Savani. 8:59am, December 11th 2019
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