Well, here we are again. Once more, a political event has had a big impact on the exchange rates, particularly the pound.
This week, UK Prime Minister Theresa May unexpectedly called for a general election in June which she says is necessary to strengthen the upcoming Brexit negotiations.
Since taking over as Prime Minster, Theresa May had consistently ruled out an early election. Therefore the announcement on Tuesday was unexpected and strengthened the pound against all major currencies including the Euro. The general feeling is that an election could provide Theresa May with a much bigger mandate and also importantly a bigger majority in the House of Commons. This potentially could help the Prime Minister and Government during the Brexit negotiations – that’s how the news has been interpreted by the currency markets.
Despite the recent strength of the pound, it is worth noting there is still the potential for a lot of volatility in a time of political and economic uncertainty
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