More Election Uncertainty

23 May, 2017

Nakhil Mahra

Yesterday was a quiet day on data front from all major zones resulting in Euro consolidating its gains from last week. As the trading day progressed euro gained almost half a cent on both the USD and GBP further building on its gains. With Euro meetings taking place throughout yesterday and some Euro positive news coming out from them, it further heaped pressure on its major pairings. However it wasn’t al doom and gloom for GBP with mixed data results last week still managing to gain slightly on the USD with Trumps current trip across The Atlantic sure to cause further uncertainty for the Greenback.

With May speaking yesterday evening to try and claw back her quickly evaporating lead over labour, that is now down to single figures from what was a healthy lead of 20 not long ago. With her victory far from certain and Labour making a dash for votes we could yet have our own surprise winner which will almost certainly see GBP drop drastically. If you have imminent require coming up speak to your account manager today to discuss your options.

With a busier day today on the markets mainly from EU and US with a single announcement in the UK, we could see the rates come down further. As we approach the elections and uncertainty grows this could be the best buying opportunity in the forthcoming weeks.