Pound steadies after poll

GBP

The pound recovered from early losses on Wednesday which came from a poll that showed a narrowing lead for the governing Conservative Party. The poll in question showed the Conservatives’ lead over the opposition tightening to 11 points.

The loss was also emphasised by reports of a surge in under-35s registering to vote before Tuesday’s midnight deadline. Younger voters are seen as less likely to vote for Boris Johnson, increasing the likelihood of a split Parliament.

USD

The dollar had a strong day on Wednesday as it was boosted by upbeat US data. US economic growth rose in the third quarter, beating expectations of a slowing as there was an uptick in inventory accumulation. Data also showed that new orders for key US-made capital goods increased by the most in nine months. This show of strength in the US economy has given the market confidence that the Central Bank will not signal further interest rate cuts for now.

Key Announcements

13:00 – EUR: Harmonized Index of Consumer Prices (YoY) (Nov); expected to increase to 1.2%.

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