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General election announcement causes the pound to rise.

Arron Morris Currency Broker - General election announcement causes the pound to rise. Written by
Arron Morris
Senior Currency Broker
T: 01442 892 065

Today has seen the pound rise around two per cent against the US dollar, leaving the GBP/USD cross trading at its highest level since early October.

The pound received a welcome boost following Theresa May’s surprise announcement of a general election, which will be held on the 8th June.

As you can see from the graph below the GBP/USD cross has surged over the course of today’s trading session, with the currency pair rising from $1.2510 to $1.2763. If we look at the move in monetary terms, converting £250,000 into dollars this afternoon will achieve you around $6,300 more than it did this morning.

GBP/USD exchange rate graph

GBP/USD exchange rate graph

Why has the pound risen?

Theresa May announcing a general election has removed a huge amount of uncertainty for investors. Recent polls have shown the Conservatives currently hold a 21 point advantage over Labour and by calling an early election, it will allow Theresa May to see any Brexit deal through to the end.

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Arron Morris
Senior Currency Broker
T: 01442 892 065

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