Markets Reflect Stalemate from TV Debate

Xe Corporate UK

November 20, 2019 3 min read

Sterling is slightly weaker against the dollar and static against the Euro which shows very little reaction to the last night’s General Election debate between Boris Johnson and Jeremy Corbyn. Had we seen a slip up from the PM or a strong performance from the Labour leader then Sterling would have probably weakened and vice versa.

Stalemate, that word we have heard consistently for 3 ½ years came back in focus again with the polls showing Johnson just edging the debate 51-49 according to YouGov. It is important to note however that all three of the main polls suggest the PM will win a majority. These are of course only polls though and we all know how wrong they have been in the past.

Donald Trump stepped up his rhetoric with China yesterday as the U.S president threatened a trade war escalation and tariffs raised on Chinese imports if ongoing trade negotiations fail. China did not seem best pleased with the Presidents interference with the ongoing Hong Kong crisis where he came out in support of protecting the human rights of the Hong Kong protesters. Tensions seem to have risen again after it was suggested that progress was being made between the two sides.

It is quiet generally this week both in the markets and on any key data coming out. FOMC minutes from the Federal Reserve’s last meeting are released later today which will be studied closely and may result in some dollar volatility around 7pm. The main focus however will be on the UK General Election campaigns with only 3 weeks to go until the big vote.

At the time of writing:

GBPUSD - Trading above 1.29 at 1.2904

GBPEUR - Trading below 1.17 at 1.1663

EURUSD - Trading below 1.11 at 1.1064

The figures are based on the live mid-market rate, correct as of 09:00 GMT on 20/11/2019, and are provided for indicative purposes only. Live mid-market rates are not available to consumers and are for informational purposes only. The rates we quote for money transfer can be selected via the page on our website ‘Live Money Transfer rates’.

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