{"id":3634,"date":"2017-05-27T00:00:00","date_gmt":"2017-05-27T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100061-gbp-falls-tories-gap-lessened\/"},"modified":"2017-05-27T00:00:00","modified_gmt":"2017-05-27T04:00:00","slug":"100061-gbp-falls-tories-gap-lessened","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100061-gbp-falls-tories-gap-lessened\/","title":{"rendered":"Pound Dives Against Euro as General Election Polls Narrow"},"content":{"rendered":"<p>The UK General election polls didn\u2019t look good for sterling. The pound euro exchange rate finished the week 0.8% lower at 1.1452,having dipped even to 1.1433 at some point &#8211; its weakest level since mid-March.<\/p>\n<h2><a href=\"#uk-labour-party-closes-in-on-conservatives-in-the-polls-weakening-gbp\" name=\"uk-labour-party-closes-in-on-conservatives-in-the-polls-weakening-gbp\"><\/a>UK Labour party closes in on Conservatives in the polls &#8211; weakening GBP<\/h2>\n<p>The first opinion poll taken since the horrific terrorist attack in Manchester shows Jeremy Corbyn, leader of the UK Labour Party, successfully closing the gap on Conservatives. The latest YouGov survey for the Times put the Labour Party just 5 points behind the Tories, after Theresa May\u2019s Conservative party manifesto left voters less than impressed and seemingly started deserting the party in multitudes.<\/p>\n<p>Why does this matter to GBP? Following Theresa May\u2019s 21 April announcement of a snap general election, the pound rallied to 1.1950 versus the euro at the time. With the next election now not due until 2022, that would offer a more favourable timeline for Brexit as a transitionary deal would be a possibility. Something considered favourable for the pound. But in part this was considered a plus because it was assumed that the Tories would win a landslide victory. And with the Conservatives firmly in the majority, it would give Theresa May a stronger position at the negotiating table in Brussels in addition to reducing the possibility of Parliament disrupting the Brexit process.<\/p>\n<p>With the Conservatives losing considerable ground this week, there is now a very real possibility that Theresa May will not be able to increase her working majority in Parliament. Or, on the flip side, there is an increasing possibility that Jeremy Corbyn could even win. The concern with either of these two possibilities is that either one could result in a confused and uncertain Brexit process, which isn\u2019t good news for the pound. So, the fall in the pound today likely was because the market is starting to see that the race is no longer certain.<\/p>\n<h2><a href=\"#euro-higher-versus-the-pound-but-lower-across-other-major-peers\" name=\"euro-higher-versus-the-pound-but-lower-across-other-major-peers\"><\/a>Euro higher versus the pound, but lower across other major peers<\/h2>\n<p>The weakness in the pound is handing the euro quite an opportunity to move higher, despite falling against others of its major currency peers. With little in the way of new economic data to drive price movement in the euro, the focus is instead on the European Central Bank\u2019s monetary policy outlook, which is still on the cautious side. Meaning any interest rate hike could be some time off yet.<\/p>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK General election polls didn\u2019t look good for sterling. The pound euro exchange rate finished the week 0.8% lower at 1.1452,having dipped even to 1.1433 at some point &#8211; its weakest level since mid-March. UK Labour party closes in on Conservatives in the polls &#8211; weakening GBP The first opinion poll taken since the [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3635,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379],"tags":[1394],"class_list":{"0":"post-3634","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"tag-gbp"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pound Dives Against Euro as General Election Polls Narrow - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/100061-gbp-falls-tories-gap-lessened\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100061-gbp-falls-tories-gap-lessened\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100061-gbp-falls-tories-gap-lessened\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"Pound Dives Against Euro as General Election Polls Narrow\",\"datePublished\":\"2017-05-27T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100061-gbp-falls-tories-gap-lessened\\\/\"},\"wordCount\":566,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100061-gbp-falls-tories-gap-lessened\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100061-gbp-falls-tories-gap-lessened.jpg\",\"keywords\":[\"gbp\"],\"articleSection\":[\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100061-gbp-falls-tories-gap-lessened\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100061-gbp-falls-tories-gap-lessened\\\/\",\"name\":\"Pound Dives Against Euro as General Election Polls Narrow - 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