Pound faces another bout of volatility with UK election

Pound faces another bout of volatility with UK election

The most popular currency pair followed on Pound Sterling Live is the Euro to Pound exchange rate and analysts at TD Securities have obliged us by providing their forecasts on potential election outcomes on EUR/GBP.

Having hit a two-week high earlier in the session, sterling slipped back and by mid-afternoon was trading flat against the euro at €1.1513 and 0.35% lower against the dollar at $1.2913. A Survation poll published on Monday evening found Labour within just one point of the Conservatives.

Bets on how volatile the pound will be over the next 24 hours have now surged to their highest in a year, as companies and investors look to protect themselves against major movements in the currency.

Hussein Sayed, chief market strategist at FXTM, says in a morning note: "The pound managed to remain bid, despite the weaker than expected PMI data and conflicting poll outcomes".

Connor Campbell financial analyst at said: "As Britain heads to the ballot box the markets got off to a relatively quiet start this Thursday, with the pound very gently building on yesterday's gains".

"Against the euro the pound has been less successful of late; nevertheless, despite being a long way from recovering the losses it has incurred since mid-May, a 0.1 per cent increase has nudged the currency to a one and a half week peak".

Against the euro, sterling was up 0.2% at 87.06 pence.

But since then sterling has been experiencing volatility as the markets await the results of the election.

United States investors will not turn their focus on former FBI Director James Comey's testimony before Congress at 3pm BST, which could trigger some significant political turmoil.

Sterling climbed to a two-week high against the dollar on Wednesday, with investors increasingly taking the view that Prime Minister Theresa May's party will win a majority in Britain's general election on Thursday.

But whatever the outcome of the election, most hedge funds are still betting on a longer-term fall in the pound due to Brexit, according to figures released by the US Commodity Futures Trading Commission.

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