General Election 2019: Pound soars following exit polls predicting Tory majority

Poll of polls

The value of pounds increased against the dollar after it was noticed that the Conservative party is set to get success in general elections 2019. If the official results indeed prove as much over the coming hours, a Conservative majority would pave the way for Boris Johnson's Brexit deal to be approved in parliament by end-January 2020, while alleviating concerns over the UK's economic outlook.

"Just as Boris Johnson was desperately seeking his majority, this result would give the markets their ultimate wish: clarity", said Dean Turner, Economist, UBS Wealth Management.

The ruling Conservatives extended their lead over the main opposition Labour Party to 14 percentage points, up from 9 percentage points a week ago, an opinion poll by Survation for ITV's Good Morning Britain showed on Monday.

The British currency rose as implied volatility gauges for one week have fallen to their lowest in almost two years, with investors, like UBS Wealth Management, offloading protection against unexpected moves in the pound, pushing the price for options lower.

The euro has been above 80p since the Brexit vote, and traded in a range of 85p to 90p most of that time. To be precise it has reached a seventh month high against the Dollar and 2 year high against the Euro.

The pound could move towards US$1.37 in the coming weeks as investors who have long underowned United Kingdom assets return, Kinsella added.

It surged by more than 2.5% in a one-minute candle with the current Conservative government predicted to win with a majority of 86.

Political uncertainty has weighed on the pound and dogged the performance of British assets since the 2016 Brexit referendum.



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