GBP/USD Daily Forecast – 30 May

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Monday, May 29 2017

GBP/USD Daily Forecast – 30 May

There were no major data releases from the UK yesterday. Britain's pound was the main mover among major currencies on Monday, recovering some ground after weekend polls showed Prime Minister Theresa May is set to win next week's elections even if the scale of victory is in question. Sterling had its worst day since early February on Friday and fell around 2 cents last week as polls showed May's lead over the opposition Labour Party had shrunk from as much as 20 points last month to as low as 5 in one poll.

More surveys over the weekend confirmed the trend but also showed that May's Conservatives still lead and should win - just potentially not by the landslide she had targetted when calling the election six weeks ago. With London markets closed for a holiday, the pound rose 0.2 to 0.3 percent in thin trade in Europe, trading at $1.2837 and 87.07 pence per euro respectively.

There will be no major data releases from the UK tomorrow. In the US session CB Consumer Confidence data will be released. Analysts predict decline to 120.1.

Figures to watch:

CB Consumer Confidence (Tuesday 16:00)

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