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Pound Falls on Tighter Polls as Traders Wake Up to Election Risk

  • YouGov survey shows Conservative lead has slipped to 5 points
  • Measure of expected price swings that covers vote jumps
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Why the U.K. is Heading to the Polls… Again

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The U.K. election just got interesting for pound traders.

Sterling tumbled Friday, putting it on course for its worst week this year against the dollar, as a poll showed the Conservative Party’s lead over the main opposition Labour Party has narrowed to five percentage points. That came after weeks of surveys showing a bigger Tory lead had made the vote all but a foregone conclusion for the market. The tighter poll prompted a measure of expected volatility that covers the June 8 election to jump by the most since October’s flash crash.