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Sterling bulls clearly come out as this week’s FX winners after the Conservative Party wins big time in the U.K. general election.
United Kingdom Headlines and Economic data
Monday:
- UK PM Johnson’s Conservatives poll lead jumps to 14 points: Survation
- Conservative lead over Labour narrows in ICM poll
Tuesday:
- U.K. GDP flat in three months to October
- For the three months to October 2019, U.K. production output decreased by 1.5%, compared with the same three months to October 2018
- The total UK trade deficit widened £2.3B to £7.2B in the three months to October 2019
Wednesday:
- Pound shaken as UK election poll puts Johnson outright win in doubt –
- UK’s Johnson now less certain of election victory: YouGov
- The UK could be heading for another hung parliament as Boris Johnson’s poll lead is cut in half – Sterling pairs take a collective dip during the early Wednesday Asia session on the possibility of a Hung Parliament, which likely would have meant more Brexit delays and uncertainty.
- UK PM Johnson’s lead over Labour narrows to 12 points: Opinium
Thursday:
- Britain speeds towards Brexit as Johnson wins large majority in election – With the Conservative Party taking the majority and likely to back PM Johnson’s Brexit plans, it looks like the majority of the fears of Brexit’s future was wiped away, prompting a massive rally in Sterling pairs, including a 2.66% pop in Cable after the election results.
- EU’s Michel Barnier says Boris Johnson’s timetable to ‘get Brexit done’ is ‘unrealistic’
Friday:
- UK public inflation expectations cool in November
- Boris Johnson secures biggest Conservative Party election win since 1987
- A little bit of pullback on Sterling in the Friday session, possibly some profit taking, some on the softening inflation expectations, and possibly on some pullback in global risk sentiment after disappointing details of the newly formed U.S.-China trade agreement were released (only 50% of the $112B in tariffs would be rolled back and China agreed to buy $32B in additional agricultural goods over the next two years, conflicting with Trump’s claims of $50B in agricultural purchases).
