Sterling reaches 31-month high just three days ahead of UK Election

9th December 2019 

Fears of a hung Parliament are receding after polls show that the Conservative Party still holds a sizeable lead.

The British pound has reached a 31-month high against the euro on Monday morning, touching €1.19 for the first time since May 2017 – just before the Tory’s lost their majority in a snap election.

With just three days until the general election, London appears to be increasingly confident that Boris Johnson will retain his position as PM while gaining a healthy working majority in the House of Commons.

Opinion polls have mitigated fears of a hung Parliament as well as lifted the pound against the euro.

Sterling also appears to be rallying against the US dollar, up 0.25 per cent to $1.318, according to the Guardian. This translates into a seven-month high.

Shifts in fears of a hung Parliament and a surge in the pound took place after pollsters Survation gave the Conservatives a 14-point lead over Labour, at 45 per cent of the vote vs 31 per cent.

Should polls turn out to be correct, this would guarantee a Conservative majority, making Boris Johnson’s Brexit bill being passed through the Commons by January 31st more likely.

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