Sterling approaches two-week peak before UK vote

Sterling approaches two-week peak before UK vote

On Thursday, the British pound traded close to a two-week high, backed by hopes that Prime Minister Theresa May's party will grasp a majority in Britain's general election, while the common currency was intact ahead of a ECB policy announcement.

The British pound stood still at $1.2956, trading close to Wednesday's high of $1.2970, its highest value since May 25.

On Wednesday, opinion surveys revealed that May is on course to drastically increase her majority in parliament, suggesting her gamble to call the vote to shift to a firmer position in Brexit talks will pay off.

If the Conservative Party manages to win a decisive majority of more than 50 seats, it would likely be seen as an upbeat result for the British pound, as some financial analysts state.  

The common currency didn’t change, keeping to $1.1254. The common currency had hit a peak of $1.1285 in June, demonstrating its highest value in almost seven months.

The ECB is supposed to keep its monetary policy intact on Thursday. That’s also true for its 2.3 trillion euro bond-buying program.

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