Pound weakens on election day – DMR

The pound has weakened against major currencies due to the “unpredictable election”, according to npower’s daily market report. Client Portfolio Manager Alex Guiot said: “The GBP is weakening against major […]

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The pound has weakened against major currencies due to the “unpredictable election”, according to npower’s daily market report.

Client Portfolio Manager Alex Guiot said: “The GBP is weakening against major currencies as UK votes in most unpredictable election in decades.”

The pound is currently worth around €1.33.

Mr Guiot added: “We are likely to see further movements depending on the result as the uncertainty of a new government is sure to send waves through the currency markets.”

 

The gas system is still undersupplied and the Interconnector is down to 13mcm. Norwegian flows are also low despite production increasing.

Wind generation is producing 2GW instead of the expected 3.2GW. Solar generation is predicted to provide 4GW of capacity.

Demand for power is up and as a result, gas demand is 22mcm “above seasonal normal”, Mr Guiot said.

Nuclear generation is down to 18% of the stack.