Markets

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 Spreadex.com 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.


  • Thiem times march through Paris to perfection

    Thiem times march through Paris to perfection

    He proved too experienced for Karen Khachanov, defusing the power of the 21-year-old Russian to win 6-3 6-4 6-4. Novak Djokovic effectively waved the white flag, bowing out of the French Open with a whimper on Wednesday.

    Farm protests continue after five killed by gunshots at rally

    He reiterated he wanted to visit the district to meet the families of the five farmers killed by police firing on Tuesday. Gandhi entered Madhya Pradesh by auto from Rajasthan in a cavalcade of Congress leaders and activists.
    Qatar investigation finds state news agency hacked

    Qatar investigation finds state news agency hacked

    Gabriel, a longtime critic of German arms sales, also criticized Trump's recent large US weapons sales to other countries in the Gulf.
  • Kohli makes place in Forbes list of highest paid athletes

    Branded as the "Indian cricket phenom", Kohli has been ranked 89th on the 2017 Forbes list of 'The World's highest paid athletes . Forbes said the majority of Virat Kohli's earnings are coming from sponsorship contract.
    Thiem to face Nadal in semis

    Thiem to face Nadal in semis

    The nine-time French Open victor won the first set against Pablo Carreno Busta 6-2, and his opponent gave up early in the second. Here are the pairings for the men's and women's semifinal matches and TV times following Wednesday's action at Roland Garros .

    Trump urges Arab unity in call to Saudi Arabia's King Salman

    He also underscored "that a united Gulf Cooperation Council is critical to defeating terrorism and promoting regional stability". Through his account in Twitter, the US President said: "The Gulf states would take a hard stance on funding extremism".
  • Policeman in Manchester dances during benefit concert

    Policeman in Manchester dances during benefit concert

    The single follows Grande's re-release of "One Last Time ", which is also sharing proceeds to those affected by the tragedy. Ariana Grande's Manchester benefit concert made an impact on just about everyone who tuned in.

    Hales, Root lead England's march into semi-finals

    He said that their performance this time was cleaner with the ball and a relief after the match against New Zealand . The dismissal was a visual delight for any fast bowler as the batsman could do nothing.

    House Democrats launch longshot bid to impeach Trump

    Al Green (D-TX), who is also submitting articles of impeachment to the House. Lawmakers can pass articles of impeachment by a majority vote.
  • Siri enters the living room as Apple debuts HomePod speaker

    The new 10.5-inch model offers room for a full-size keyboard, something the 9.7 inch model couldn't. It's also what Microsoft is targeting with the Surface Pro; a new model comes out on June 15.
    IRAN ATTACKS: ISIS claims responsibility for pair of raids in Tehran

    IRAN ATTACKS: ISIS claims responsibility for pair of raids in Tehran

    In a statement after the attacks, the Guards said they "will never allow the blood of innocents to be spilt without revenge". For its part, Iran has cited Saudi Arabia's support for jihadists and its backing of hard-line Sunni fighters in Syria.

    Commerce Bank Purchases 1842 Shares of Digital Realty Trust, Inc. (DLR)

    Benjamin F Edwards reported 1,700 shares. "(DLR)" was reported by Chaffey Breeze and is the property of of Chaffey Breeze. The P/E ratio is one of the most common ratios used for figuring out whether a company is overvalued or undervalued.