The pound is strong against the dollar and euro this morning as Boris Johnson promised to “get Brexit done” whilst launching the Conservative Party manifesto. Speaking in Telford, he said, “Get Brexit done and we shall see a pent up tidal wave of investment into this country. Get Brexit done and we can focus our hearts and our minds on the priorities of the British people.”
Sterling drifted downward at the end of last week, as a post-manifest-launch boost for the Labour Party put a dampener on optimism over avoiding further Brexit uncertainty. Nonetheless, polls still put the Conservative Party around 11 points ahead.
The first-ever flash PMI for UK services showed the largest downturn since the Brexit vote. Manufacturing figures on Friday also showed an unexpected drop, from 49.6 to 48.3.
Last week was particularly light on economic data, and with little real political action beyond manifesto launches, it was a relatively quiet week for sterling. This week will similarly be quiet on the economic front, apart from this month’s house price index and mortgage approval figures, as well as consumer confidence. Attention will largely be on the political elements, then, as we come closer the General Election.
