The Pound Sterling edged up versus the US Dollar as investors dismissed the latest opinion polls which showed a narrowing lead between Theresa May, the Prime Minister, and the Labour party candidate. The general election is scheduled for June 8th, and it appears that the Jeremy Corbyn is playing catch up with the Conservative party in the wake of the release of the respective “election manifestos.” Though the narrowing of the May lead has resulted in some currency strategists keeping a closer watch on popular opinion in the days ahead many still have expectations of a landslide win for the Conservatives.
As reported at 11:09 am (BST) in London, the GBP/USD was trading at $1.2861, a gain of 0.20%; the pair earlier hit a peak of $1.2870 while the session low was set at $1.2795. The EUR/GBP was trading at 0.8679 Pence, down 0.15%; the session trading range is from a low of 0.8656 Pence to a high of 0.8701 Pence.
Brexit Negotiations Priority for Candidates
The two candidates met in a televised debate last night and that helped solidify the decision for some Britons still on the fence, especially as it regards the upcoming Brexit negotiations. The incumbent Prime Minister said that she would leave the table without a deal if there was nothing favorable to offer while Jeremy Corbyn insisted that he would negotiation until an agreement were in place. More opinion polls could see the Conservative lead whither but analysts say that the Labour party’s stance on tax and spending are likely to play a large part in the decision making process.