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Pound Sterling Slips After YouGov Poll Results; Euro Stays Strong

 UNITED KINGDOM – The exchange rate for the sterling pound was going strong on Tuesday, but the YouGov poll results caused it to slip down on Wednesday. Meanwhile, the EUR/USD remained cautiously upbeat as Washington considers delaying the tariffs on Chinese goods.

The sterling was rising steadily as traders anticipated Boris Johnson to win the majority. However, that confidence was shaken when the YouGov MRP poll indicated it was possible for the upcoming UK election to end in a hung parliament.

The GBP/USD dropped 0.2% and ended at the 1.32 handle on Tuesday before it was pushed down by about 80 pips. Now the GBP to UDS exchange rate is at $1.31 while the GBP to Euro rate is about 0.08% higher at €1.184. While the loss is limited due to the Conservatives still holding the majority, the sterling remains vulnerable as the market waits for news regarding the new tariffs on China.

Investors are expecting the EUR/GBP, GBP/USD, and the GBP/JPY to turn to consolidations now. The Pound is still bullish at the moment, and an increase is expected after Thursday’s elections.

The EUR/USD was cautiously optimistic on Tuesday, with a strong ZEW providing a little support to the euro. The pair rebounded later when news broke that the US was considering pushing back the deadline for the additional tariffs on Chinese products and ended the day at 1.1092.

The USD/JPY and the EUR/JPY also accomplished an intraday uptick despite US equities struggling. The USD/JPY pair closed the day at 108.72.

Asia started the day low, with equities mostly negative. The region’s indices slowly improved as the day progressed. Shares eventually ended higher, thanks to reports of promising negotiations between China and the US.

The Nikkei closed lower by 0.08% as investors opted to wait for the results of the Federal Reserve meeting. Japan’s 10-year JGB went up by 0.0188 and is eyeing a 0% handle. Hong Kong’s Hang Seng Index rose by 0.79% to 26,645.43. China’s Shanghai Composite Index ended the day with an increase on 0.24% at 2,924.42 while the Singapore Strait Times also enjoyed a boost of 0.61%.

Australian shares also rose. The S&P/ ASX 200 went up by 0.68% or 45.70 points to hit 6,752.60. The All Ordinaries index closed at 0.60% or 41.10 points at 6,853.20.  New Zealand’s stock market remained relatively unchanged. Its S&P/NZX 50 ending with an increase of 7.74 points at 11,291.96.

The Dow dropped 0.10% overnight, while the S&P 500 slipped by 0.11%. The Nasdaq also dropped 0.07% while its European counterpart, the STOXX 600 fell 0.3%.

 

Pound Sterling Slips After YouGov Poll Results; Euro Stays Strong