Trending Articles- Gold remains bid as lack of Fed clarity and geopolitical frictions persist
- Gold Price Forecast: XAU/USD drifts higher above $4,200 as Fed delivers expected cut
- Gold Price Steady Climb and the Sudden Surge of Silver and Copper: Will Their Bull Run Extend Into 2026?
- Gold Price Forecast: XAU/USD climbs above $4,250 as Fed rate cut weakens US Dollar
- Silver Price Forecast: XAG/USD refreshes record high, looks to build on move beyond $61.00
- U.S. November Nonfarm Payrolls: What Does the Rare "Weak Jobs, Strong Economy" Mix Mean for U.S. Equities?
It is election week in the UK, and the BBC poll tracker puts Labour at 40%, Conservatives at 20%, Reform UK at 16% and Liberal Democrats at 11%, ING analyst Francesco Pesole notes.
GBP to continue relying on external drivers
“There has, indeed, been very little doubt about a Labour landslide win, so the election should not be a huge event for markets. We suspect that a stronger than expected result by populist/hard-Brexiteer Reform UK is the most tangible risk for some slight adverse reacting in GBP assets.”
“As widely discussed recently, the chances of the election result deviating the Bank of England (BoE) policy path are very low, and the Pound Sterling (GBP) should continue to rely on external drivers (both in EU politics and US macro) and key domestic data releases.”
“June CPI and jobs report aren’t published before 17-18 July, so even if we see expect a cut in August (market pricing 15bp) to hit the GBP, the case for a materially stronger EUR/GBP within the next couple of weeks is not very compelling.”
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
