Sterling inches up after snap elections polls

Economies.com
2017-04-26 16:25PM UTC

Sterling rose modestly on Wednesday, hitting its highest this week after opinion polls pointed to an overwhelming win by the Conservatives led by Prime Minister Theresa May in the June elections. 

 

GBP/USD last traded at 1.2839, up from the opening of 1.2836, with a session-high at 1.2863, and a low at 1.2805. 

 

The ISPOS Mori poll allocated 49% to the conservatives in the June 8 elections, while the Labor party got only 26%. 

 

That buoyed the pound despite dollar's recovery against a basket of currencies after U.S. treasury secretary's statements about aggressive tax reforms. 

 

Negative pressure kept piling on the pound however, as Scotland seeks independence, while Irish courts will decide upon the issue of exiting the European Union. 

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