Sterling hits 6 month-high

GBP

Sterling gained on Monday, hitting a six-month high versus the euro and posted its biggest daily rise in nearly a month against the greenback after the Brexit Party said it would not contest previously Conservative held seats in the UK’s election.

In what represents a significant lift for Boris Johnson ahead of the 12th December election, Brexit Party leader Nigel Farage said he did not want anti-Brexit parties to win, so was standing down candidates in seats won by the Conservatives in 2017. The pound strengthened on the news as it reduces the likelihood of a hung parliament, analysts believe the market is supportive of a clear result.

The pound had started the session well ahead of Farage’s announcement, after data showed the UK economy dodged recession in the third quarter of 2019, expanding 0.3%. The GDP figure showed British employers’ hiring plans have risen from an 18 month-low, an unusually upbeat sign for the labour market.

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