{"id":3676,"date":"2017-06-06T00:00:00","date_gmt":"2017-06-06T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100082-gbp-up-usd-tories-should-win\/"},"modified":"2017-06-06T00:00:00","modified_gmt":"2017-06-06T04:00:00","slug":"100082-gbp-up-usd-tories-should-win","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100082-gbp-up-usd-tories-should-win\/","title":{"rendered":"Pound at Multi Month Highs Versus the Dollar as Traders Bet on UK Cons"},"content":{"rendered":"<p>The pound pulled back after a strong rally on Monday as UK elections polls continue to drive trading, even if they vary substantially in their findings. The pound rallied from a low of $1.2865 to a high of $1.2940 before slipping back to $1.2910 towards the end of the day.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>What do these figures mean? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. <\/td>\n<\/tr>\n<tr>\n<td>For example, it could be written: <em>1 GBP = 1.28934 USD<\/em> <\/td>\n<\/tr>\n<tr>\n<td><em>Here, \u00a31 is equivalent to approximately $1.29. This specifically measures the pound\u2019s worth against the dollar. If the U.S. dollar amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/td>\n<\/tr>\n<tr>\n<td>Or, if you were looking at it the other way around: <em>1 USD = 0.77786 GBP<\/em> <\/td>\n<\/tr>\n<tr>\n<td><em>In this example, $1 is equivalent to approximately \u00a30.78. This measures the U.S. dollar\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the dollar.<\/em> <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>With just two days to go before Britain votes for its next Prime Minister, unsurprisingly, polls continue to direct the pound\u2019s movement. However, polls are showing a variety of possible outcomes &#8211; ranging from CNBC\u2019s report that the UK Conservatives having just a one point lead over the UK Labour party, to the an article in Reuters stating Conservatives are enjoying an 11-point lead over the Labour party. This apparent 11-point lead for the Conservatives was responsible for the rally in the pound yesterday. An 11-point lead would mean that the Conservatives would increase their majority in Parliament and so investors would expect fewer disruptions as Brexit is pushed through Parliament, resulting in a smoother Brexit which is pound positive.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why is a smooth Brexit good for the pound? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>A smoother Brexit would be a scenario in which the economic consequences of leaving the European Union are minimised. This is favourable for the pound because the less the Brexit impact on the economy, the more likely that foreign investors will remain interested in the UK. Foreign investors need sterling to invest in the country and so the more GBP is purchased, the higher the demand and, thus, an increase in the currency\u2019s value. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>Not even slightly disappointing UK service sector growth data caused the pound to wobble in its ascent in the previous session. With no influential economic data releases for the UK due on Tuesday or Wednesday the focus will be firmly on the elections on Thursday 8th June. Voting booths close at 10pm UTC and exit polls could give an indication as early as midnight if there\u2019s a landslide victory. However, that outcome is now highly unlikely so, instead, by around 3am we should have an idea of the winner.<\/p>\n<h2><a href=\"#weak-data-keeps-u-s-dollar-under-pressure\" name=\"weak-data-keeps-u-s-dollar-under-pressure\"><\/a>Weak data keeps U.S. dollar under pressure<\/h2>\n<p>Meanwhile, the dollar was giving a mixed performance at the start of the week, slipping against the pound but strengthening versus other currencies, such as the euro. The dollar is still hovering around multi month lows versus sterling and weak U.S. jobs figures on Friday only exasperated the picture. Economic data coming out of America has been consistently underwhelming lately, highlighting growing concerns over the health of the U.S. economy. This, in turn, has been weighing on the value of the dollar.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why does strong economic data boost a country\u2019s currency? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Solid economic indicators point to a strong economy. Strong economies have strong currencies because institutions look to invest in countries where growth prospects are high. These institutions require local currency to invest in the country, thus increasing demand and pushing up the money\u2019s worth. So, when a country or region has good economic news, the value of the currency tends to rise. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>With little in the way of economic data to distract the dollar over the coming days, UK election fever is likely to continue driving the pound U.S. dollar exchange rate.<\/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 pound pulled back after a strong rally on Monday as UK elections polls continue to drive trading, even if they vary substantially in their findings. The pound rallied from a low of $1.2865 to a high of $1.2940 before slipping back to $1.2910 towards the end of the day. What do these figures mean? [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3677,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1394,1398],"class_list":{"0":"post-3676","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-gbp","10":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pound at Multi Month Highs Versus the Dollar as Traders Bet on UK Cons - 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\/100082-gbp-up-usd-tories-should-win\/\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100082-gbp-up-usd-tories-should-win\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100082-gbp-up-usd-tories-should-win\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"Pound at Multi Month Highs Versus the Dollar as Traders Bet on UK Cons\",\"datePublished\":\"2017-06-06T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100082-gbp-up-usd-tories-should-win\\\/\"},\"wordCount\":830,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100082-gbp-up-usd-tories-should-win\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100082-gbp-up-usd-tories-should-win.jpg\",\"keywords\":[\"gbp\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100082-gbp-up-usd-tories-should-win\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100082-gbp-up-usd-tories-should-win\\\/\",\"name\":\"Pound at Multi Month Highs Versus the Dollar as Traders Bet on UK Cons - 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