New polls send Pound rising past $1.29

The pound's sensitivity to opinion polls ahead of the general election next week is evident today. After a rollercoaster session, where the local currency slumped to $1.2768 after a YouGov poll showed the UK risks a hung parliament after the general election, it jumped to a day's high of $1.2901 on the back of yet another new opinion poll.

Joshua Mahony, of online trading group IG, said: "The pound has made a surprise recovery today, with the FTSE 100 pulling back from its early gains as a result. The UK election has become the number one topic on the minds of traders given the narrowing polls, with voters having to decide between socialist and capitalist ideals."

A Kantar poll showed the Conservatives' share of the vote had increased by one percentage point since last week to 43pc, while Labour's had dropped by one point to 33pc.

"The strong stance which the Conservatives are showing on Brexit continues to pay dividends," said Luke Taylor, head of social and political attitudes at Kantar Public UK.

source: telegraph.co.uk

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