The Pound continued its surge yesterday, breaking past another key psychological level and holding above a seven-month high. Economists’ are now focused on June’s snap election where Theresa May looks like a one-way bet. The snap call has come under scrutiny, where many believe it to be a strategic move from May. The latest polls have her and the Tories a whopping 21 points ahead of Labour.
In other news, French politics are beginning to heat up. A much closer contested election than the UK’s could take hold this Sunday as the result of the first round is due. Independent Emmanuel Macron and the National Front’s Marine Le Pen are expected to be the candidates to make it safely through to the second-round vote. Macron remains the strong favourite for Presidency, with Francois Fillon a close second.
Today’s economic calendar is jam packed with high tier data from both the US and UK. Firstly, the US release their Philly Fed Manufacturing Index and jobless claims this afternoon, with both reading forecast to decline on the previous reading. Late afternoon, Bank of England Governor Mark Carney addresses the market at the Institute of International Finance Policy Summit, in Washington DC.