Analysts at Lloyds Bank note that the UK pound held on to much of the gains recorded in the wake of the election announcement holding above 1.28 against the US dollar and will be guided by the politics and macro developments in the near-term.
“The market continues to see an enhanced Conservative majority as something that will strengthen the PM’s hand in ‘Brexit’ negotiations. BoE Governor Carney’s comments today are unlikely to have much impact on the pound. The next potentially significant piece of news will be tomorrow’s retail sales figures which will provide a further indication whether UK consumer spending is slowing.”
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