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26/05/2017 – This Morning’s Exchange Rates

Posted by currencies in Rate Alerts
May 26, 2017
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The exchange rates are listed at the bottom of this article. Please note that the rates are for indication only. Contact us for live quotes.

Sterling fell on Friday after a poll showed a narrowing lead for British Prime Minister Theresa May over her opposition ahead of elections next month, while weakness in oil prices dragged on commodity-linked currencies.

In a sign that the June 8 election could be more closely contested than previously thought, a YouGov poll published on Thursday showed that the opposition Labour Party had cut the lead of May’s Conservatives to five points.

Sterling fell 0.5 percent to $1.2884, pulling further away from its May 18 peak of $1.3048, the pound’s strongest level since September last year.

The assumption that a landslide election win for May would strengthen her hand over hard-line Brexiteers in her ruling party and allow her to negotiate a smoother departure from the European Union, had been a source of support for sterling.

That view, however, has been challenged by recent opinion polls that showed a slide in the lead of the Conservatives.

The narrowing lead for May brings in the risk of a messier Brexit. We think the pressure is on here. We could see a significant move lower (in sterling) provided these uncertainties in the polls persist.

GBP/EUR 1.1465

GBP/USD 1.2859

GBP/AED 4.7281

GBP/AUD 1.7277

GBP/CAD 1.7318

GBP/CHF 1.2482

GBP/NZD 1.8249

EUR/USD 1.1216

GBP/ZAR 16.568

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