Sterling drops as YouGov poll indicates a Hung Parliament in next week’s General Election! (Joseph Wright)

At 10pm last night the most recent poll released from YouGov sent Sterling exchange rates downward, as the gap between Labour and the Conservative party has slimmed over the past week.

Sterling had originally gained off the back of Theresa May’s (UK Prime Minister) plans to call an election on the 8th of next month, as financial markets expected a clear majority for her Conservative party and this expectation of political certainty strengthened the Pound. In the wake of her calling an election the Pound hit an 8-month high against the Aussie and Canadian Dollars, almost hit 1.20 against the Euro and was seen comfortably trading above 1.30 against the US Dollar.

Over the past week the Pound has slipped as the lead for the Conservative Party has slimmed, and last night news of a potential hung parliament spooked markets and the trend has continued this morning.

Moving forward I’m expecting to see the Pound continue to come under pressure between now and the 8th of June when the election takes place, and should polls show an even tighter race or even a Labour majority then I think we can expect to see Sterling trading towards the lower end of it’s current trends.

Feel free to get in touch if you wish to be kept up to date with the latest data out of the UK, or if you wish to discuss the current Sterling exchange rate trends.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.