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- After the election is before the election: the pound is under pressure
After the election is before the election: the pound is under pressure
The parliamentary election in the U.K. is over. The Conservatives won the UK's parliamentary election. The Conservative Party with the current Premier Minister David Cameron won 330 seats. It is enough to have a majority in the parliament. The win of the Conservatives could mean a stability for the pound. But the prospects of a referendum on Britain's membership in the European Union (Cameron's election campaign promise) could weigh on the pound.
The pound declined today after yesterday's increase. The decline was partly driven by the release of the mixed U.S. labour market data. The U.S. labour market data also supported markets. The U.S. economy added 223,000 jobs in April, missing expectations for a rise of 224,000 jobs, after a gain of 85,000 jobs in March. March's figure was revised down from a rise of 126,000 jobs.
The pound will remain under pressure until new government in the U.K. is formed. If Britain's Prime Minister resists to hold a referendum on Britain's membership in the European Union, the pound will decline. The level at $1.5100 could be reached this month.
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