Traders are removing bets against the pound as the U.K. election nears.
Sterling
The pound has risen 1.5% against the greenback over the past three trading days and on Thursday morning reached a high of $1.3146 — the strongest level since early May. Sterling is now above its 200-week moving average against its U.S. counterpart.Global Fixed Income Strategist at Societe Generale, Kit Juckes, said sterling was going up "to the sound of shorts capitulating" in a reference to the growing number of traders who were removing bets against the currency.
With just one week until the election, poll-tracking data suggests that the Conservative Party is maintaining a 10-percentage point advantage over Labour. At least one political analyst has estimated that any number above 6% should translate to a Conservative majority in the U.K. Parliament. On Wednesday, the former House of Commons Speaker John Bercow argued that it was "utter nonsense" that any new government could complete Brexit quickly.
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