Thursday, pound sterling regained lost ground against the U.S dollar and euro, as investors observed through radically inconsistent surveys on Britain’s election week; in which, regards to the prime minister’s Conservative’s party against the Labour party.
Latest polls forecasting outcomes raging from a small majority for the Conservatives to hung parliament for the vote on the 8th of June have surprised some investors, causing the currency to tremble over the past week.
In accordance to this, a new survey showing only 3% lead for May continued to keep it lower for most of the European session on Thursday.
However, pound sterling had risen, hitting a day’s high of $1.2916, it also rose by 0.4% to 86.84 pence per euro. This is a positive remark and product after the markets has certainly stabilized, as per Kathleen Brooks, City index’s research director. She also added that they are very much range-bound in the pound as they lead up to the upcoming election.
She also added, with regards to the disparity in the polls and surveys, that a survey that shows strength in Britain’s manufacturing sector that may also give the pound a slight boost.
In addition, the pound has dropped only some of its almost 4% gain since the upcoming election was announced, suggesting investors are keeping to their original bet on a victory for the prime minister and her Conservative party.