Pound strengthens on opinion poll data

Sterling rose against the euro this morning (April 1st) after a new opinion poll suggested that the possibility of a hung parliament is decreasing.

It came as a new survey, conducted by Metro newspaper in association with Harris, showed that the Tories were ten per cent ahead of Labour.

Political analysts believe that a lead of this proportion is enough to give the Conservatives a 12-seat majority in parliament.

The pound was trading at a five-week high against the single currency earlier today, Reuters reported.

At 07:50, sterling traded at 88.59p against the euro.

Ian Stannard, senior foreign exchange strategist at BNP Paribas, explained to the news agency: "The opinion polls showing decreasing chances of a hung parliament are providing some relief for sterling this morning."

However, he added: "Bigger concerns remain in place, with foreign investors likely to turn their back on the UK, posing a threat to sterling."

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Posted by Sarah Pitton