Friday, 26 May 2017

Pound Down as Corbyn Gets Closer per Guido Fawkes

The BBC were desperately keen to associate Brexit with the pound falling. Oddly they are less keen to note that the prospect of a Labour government is pushing Sterling lower.

'This morning's YouGov/Times poll (Con 43% vs Lab 38%) has knocked the pound, which fell against all of its 16 major peers this morning. Sterling has touched $1.2858 today, a two week low. 

Neil Jones, head of hedge-fund sales at Mizuho Bank told Bloomberg:

"Sterling correlates well with anything that shows a Tory majority and vice versa, so if you've got this situation where the majority closes right down, it may come to a critical level where it may not have a sufficient number of seats in the house. The market doesn't like that."'

Thanks to Guido Fawkes...

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