On Thursday there’s a general election in the UK, haven’t you heard?
In case you are still undecided on who to vote for — given the choices this year are so fantastic — how about checking on what the great British
dogecoin pound is doing in reaction to the latest polls? After all, there is no one more right about anything than the market. Or so we’re told.
On Tuesday evening YouGov, the £628m data analytics firm, released the results of its comprehensive MRP poll for the election. And it’s nervous times for the Tory faithful as Corbyn’s red army seems to be closing the gap, potentially heralding a hung parliament.
Reactions were, of course, polarised across the political spectrum. But one caught our eye on sterling from Tory Ken doll Tom Harwood, a journalist at the notorious rightwing blog Guido Fawkes.
Here’s his tweet:
Ah yes! The pound crashed on the news — cash in your dollars! Man the lifeboats! Corbyn’s going to tank the economy! Because that’s exactly what a, errr, 0.74 per cent move is saying. (Data via Bloomberg, not off that chart.) Sterling has recovered since, trading off just 0.44 per now since Tuesday evening’s ‘highs’.
To be fair, it might be seismic relative to this year’s action, so let’s take a step back to see how it fares when look at cable year-to-date.
Via S&P Capital IQ:
We don’t know about you, but a move to $1.3109 seems relatively immaterial when you consider we touched $1.20 in August.
But still, if the pound’s strength is so representative of what the market thinks of Britain’s present and future political leadership, then perhaps it’s worth putting the Tory reign in context. Particularly given Mr Johnson was so happy to lambast Gordon Brown for the pound’s performance during the financial crisis in 2008.
So, here’s it is since David Cameron took office with a majority in May 2015:
Oops, just a 14.7 per cent drop since the self-declared strong and stable government took charge.
We want to say something about rocks and houses made of glass, but to be honest, it would be a bit contrived.