Market Brief: Pound rallies as Tories lead polls

A summary of news and snapshot of moves ahead of the US session.

  • Markets update: At 13:00 GMT in London, GBP was the strongest and JPY the weakest in another risk-on session with stocks higher and gold and silver lower. Crude prices were also a little weaker.

View our guide on how to interpret the FX Dashboard

  • GBP found support as opinion polls over the weekend showed support for Prime Minister Boris Johnson’s Conservative party to be at their highest levels since 2017. Johnson has pledged to overhaul business rates in an effort to step the rapid decline of the High Street. But he has scrapped a plan to cut the corporation tax to 17 from 19 percent, in order to prioritise public spending instead.
  • JPY, the safe-haven major currency, fell as stocks rose in a mixed session with the UK’s FTSE up and some mainland European indices edging slightly lower. US index futures rose across the board with S&P futures up 5 handles. Sentiment was boosted by news the PBOC decided to cut its repo rate for the first time since 2015.
  • A quiet data calendar leaves the potential for subdued volatility during the North American session, unless an unexpected catalyst arrives.


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.