The pound finds itself a little stronger heading into what’s expected to be a quiet final couple of trading days of this week. Last night’s YouGov sponsored opinion poll forecast a decent majority (68 seats) for the Conservative party, something which could produce what would be deemed a stable government. The poll was released at 10pm last night but leaks had already filtered across markets earlier in the day.
The pound’s reaction has been positive. It’s managed to jump above the $1.29 and €1.17 handles against the US dollar and euro, respectively. It’s maintained its presence above these levels and could be ripe for more upside. However, this is one opinion poll out of a number which have recently been released. It’s recommended that such polls should be taken with a pinch of salt; you only have to look at the 2016 UK referendum or US election to appreciate such predictions can be wildly inaccurate. But, for the moment, the pound is enjoying its positive moment in the spotlight.
The whole of the US will be off for Thanksgiving today. All US financial markets will remain closed for the day, with some coming back online tomorrow. There’s no tier 1 data today across the whole of the European session. Markets will likely be subdued and, if anything, trade around end of month supply/demand related flows. To our US friends – happy Thanksgiving.
Written by Viv Savani. 10:09am, November 28th 2019
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