UK election polls: Rising odds of a Conservatives majority - GBP positive

Dhwani Mehta FXStreet

The latest UK election opinion polls conducted for several UK news publications showed on Saturday that the Prime Minister (PM) Boris Johnson’s Conservative (Tory) Party maintains its lead over the opposition Labour Party, although almost half the polls showed the Tory lead narrowing.

Key Findings

According to the YouGov poll conducted for the Sunday Times newspaper revealed that the support for the Conservatives (CON) stood steady on 42% vs. Labour’s (LAB) at 30%. The lead shows a gap of above 10 points.

Separately, the Deltapoll for the UK daily, Mail, showed that the support for Tories stood at 43%, down two percentage points from last week, while Labour was unchanged at 30%. The third-placed Liberal Democrats gained 5 percentage points of support, rising to 16%.

According to a Savanta ComRes poll for the Sunday Express newspaper, Johnson’s lead over the Labour Party has narrowed a little since Wednesday. The support Conservatives was unchanged at 42% but that for Labour rose by a point to 32%. The Liberal Democrats and Brexit Party were unchanged at 15% and 5%.

Opinium poll for the Observer newspaper showed that the lead is at its widest since 2017, with Conservatives now enjoying the support of 47%, up three points from last week, while Labour remained at 28%. The Liberal Democrats fell two points to 12%, while the Brexit Party fell to 3%.

The latest poll by BMG for the Independent newspaper revealed the Conservatives were on 41%, up 4 points compared with the last BMG poll on Nov. 10. Labour fell a point to 28%. The Liberal Democrats rose two points to 18%.

FX Implications

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.