GBP Higher and FTSE Fell After UK Snap Election Announcement

April 18, 2017 Share Print 0

The pound recovered strongly following the announcement by the Prime Minister Theresa May of a snap general election in June.

Earlier, sterling had fallen after it was announced that Downing Street would make a statement.

By about 12:30 BST, sterling was up nearly 1% at $1.267, while against the euro it was up 0.5% at 1.186 euros.
On the stock market, the benchmark FTSE 100 share index was down 116 points, or 1.6%, at 7,212.

Luke Bartholomew, of the investment firm Aberdeen Asset Management, said: “The election should hand Theresa May a much bigger mandate to stand up to the harder line, anti-EU backbenchers which currently hold a disproportionate sway over her party’s stance on Brexit.

“That would be welcomed by financial markets,” he added.

via BBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.