Sterling to move higher against dollar, despite election result – CIBC

By | June 11, 2017

Sterling outlook: UK election result harms the pound, but the dollar has bigger problems

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Despite increased political uncertainty in the UK, following the failure of the Conservative and Labour parties to achieve a majority in the June 8 general election, resulting in a hung parliament, sterling is likely to creep higher in the coming months as the dollar gradually sinks, says Jeremy Stretch, head of G10 FX strategy at CIBC.

“The gamble by Prime Minister Theresa May to hold a snap election has clearly proved a failure. The PM hoped to gain a strong ma

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