The Sterling interbank rate has lifted to around 1.1478 (Eur 0.8712). The source of Sterling gains appears to lie in increased market confidence that Theresa May will secure a political majority. Although last weeks polls showed a smaller lead for May than previously reported, the answer lies in a pick-up in support for May in the betting market. Since 4th June, 85% of money staked on the election has been bet on May after her address to the nation on Sunday. Theresa May's warning that "enough is enough" seems to have struck a cord with the public and appears to account for 85% wagered on May vs. last month where May accounted for only 40% of stakes on the same market. The PM is now as short as 1/6 to be in charge following the election on Thursday. Corbyn is 4/1. With polls publications having a big bearing on the Pound, we could continue to see swings in the currency up to Election Day.
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