Tuesday, 6 June 2017

Sterling rises against the dollar but is unable to hold onto the gains.

The pound hit a two week high against the dollar this morning, with the currency pair hitting an intraday high of $1.2948.

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However, the GBP/USD cross has been unable to hold onto the gains and this afternoon found itself half a cent down, and is now trading at $1.2890.


GBP/USD graph

Why has the pound fallen?

With a lack of key data releases it looks as though sterling is still being weighed down by the uncertainty of Thursday's UK election.

At the moment the opinion polls are not providing us with a clear front-runner and it seems to be worrying investors and traders. We only need to look at the polls from yesterday to see how it is impacting the markets, with one poll suggesting and eleven percentage point lead for the Tories, while another released yesterday evening only gave the Conservatives a one point advantage.

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