Sterling has fallen out of favor. It was the market's darling, rallying from $1.4565 in mid-April to $1.5815 in mid-May. From a technical point of view, it was correcting the slide from last July's test on $1.7200. The fundamental trigger for the correction was the weaker US dollar environment, which was partly spurred by disappointing Q1 data. The unexpected majority victory by the Tories also helped fuel sterling gains.
Declarations of support for “hardworking people” were commonly heard in the UK general election. This was echoed in the Queen’s Speech, when David Cameron said the 26-bill package was a “programme for working people”. Our research shows that there is another story to be told about Britain’s hardworking people, however, and the support they need.