(Bloomberg) -- A Labour victory in next month’s UK election would be good news for the pound but is unlikely to undo the damage of Brexit, according to the...
-- A Labour victory in next month’s UK election would be good news for the pound but is unlikely to undo the damage of Brexit , according to the latest Bloomberg Markets Live Pulse survey.When asked which outcome in the July 4 vote would be best for the UK currency, more than half of 268 respondents opted for a Labour win, although they were split on whether a large or small majority would be best.
Even so, “significant changes to the EU and UK trading relationship are unlikely to be an immediate priority for the Labour party, which may dampen immediate upside potential for the pound,” he said. A landslide Labour win is already priced by markets, said UBS strategist Patrick Ernst. “Political stability and reduced policy uncertainty would greatly benefit UK businesses and growth,” he said.
To be sure, Labour’s ability to completely break from the uncertainty and turmoil over Brexit is probably limited. Despite its promise to work closer with the EU, the appetite to reverse the UK’s departure from the bloc is limited, meaning that the Brexit penalty — especially for the pound — is likely to endure.
“Sterling may offer value if you believe that the UK is well positioned to benefit from more investment, because of an improving relationship with Europe, and a political environment which is a lot more stable than it was,” Foley said. A new war video released by Ukraine appears to show a US-supplied M2 Bradley attacking a Russian personnel carrier at close range in Donetsk.Condo board president Barry Leistner and Eric Trump with Trump World Tower A pregnant pause filled the air at Trump World Tower as residents at its condo board election wondered whether disgruntled unit owners would mount a challenge.
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