Pound plummets as Labour’s Corbyn reflects better in election polls


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Pound plummets as Labour’s Corbyn reflects better in election polls

On Wednesday, the 20th of November 2019, the British currency, which had been the lone indicator to a successful Brexit deal, was set to report a plunge for the second consecutive day after Opposition leader, Labour’s Corbyn had reflected a better-than-anticipated screening in a pre-election Television debate against Conservative PM Boris Johnson, contemplated as more market-friendly than the Labours.

Aside from a fall against its American counterpart, Pound Sterling had also soured to a one-week-low against the euro, however, the British currency had still been hovering near its six-month-peak against the euro, as PM Boris, a hard Brexiteer, appeared to be leading the opinions polls by as much as 18 percentage points.

Nonetheless, following a snap poll released immediately after Tuesday’s (November 19th) televised debate, a “dead heat” had resurfaced for Labour’s Corbyn, as an opinion poll result revealed by YouGov had showed Johnson was emerged as the victor with 51 percent votes, while Corbyn would be backed by 49 per cent, a result which was a far-better showing for the Labours.

Meanwhile, addressing Tuesday’s (November 19th) Televised Debate as a morale victory for the Labours, a Deutsche Bank analysts wrote in a client note, “Given how far Corbyn’s personal ratings are below Johnson’s and how far Labour are behind in the polls, then such a split could be seen as a small victory for the opposition.

” In point of fact, Pound had witnessed several upswings on a revived Brexit hope and a number of downward spirals after a simmering Brexit outlook, while a victory for PM Johnson, a hard Brexiteers, would likely to surge Sterling to its six-month-peak at 1.3500, suggested analysts, but a victory for the Labours would eventually prolong a Brexit deal and could even raise questions over viability of Britain’s divorce from the EU.

More importantly, as Corbyn gathers support following his latest speech that a victory for PM Johnson would lead to a privatization of the UK health sector and would result in a US-style skied-up healthcare cost, pound sterling started off to lose shines and fell 0.10 per cent against US dollar so far to $1.2911 on Wednesday’s (November 20th) late-European trading hours.