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Sterling Stayed Subdued

Sterling stayed subdued, hovering below seven month-highs against the dollar as investors awaited further developments in Britain’s suspended election campaign after a suicide bombing rocked the English city of Manchester.

Britain’s main political parties agreed to suspend campaigning ahead of the June 8 election until further notice following Monday night’s explosion in Manchester that killed 22 people at a concert

Opinion polls at the start of this week showing Prime Minister Theresa May’s lead cut in half, and a U-turn on a controversial policy promise on Tuesday had undermined markets’ faith in a convincing victory for her Conservatives on June 8.

Dealers will look to the Fed’s minutes for more signs of support for the dollar from rising interest rates in the months ahead. In a light week for data, a more detailed breakdown of UK GDP numbers for the first quarter is due on Thursday.

 

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