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* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv
By Elizabeth Howcroft
LONDON, Nov 15 (Reuters) - Sterling was down slightly
against a stronger dollar but little changed against the euro on
Friday, as investors' hopes for a Conservative majority in the
Dec. 12 election were tempered by concerns about the broader
economic outlook.
The pound has been rising in the past week as polls suggest
Prime Minister Boris Johnson's Conservative party could win a
majority, which is seen as increasing the chances of the UK
leaving the European Union with a deal on Jan. 31.
"Sterling had that venture higher to $1.30 in late October
and has eased since then," said Neil Mellor, senior currency
strategist at BNY Mellon, referring to sterling's rally in the
run-up to a withdrawal deal being agreed at an EU summit.
However, positive election news may be distracting from
broader market pessimism about sterling's long-term outlook,
because the UK will only have 11 months to negotiate a trade
deal with the EU next year before a transition period comes to
an end.
"My concern is - and this is something possibly the market
has thought about - that we've got preoccupied with the election
but there is still a lot of uncertainty post-election," Mellor
said.
Sterling was down around 0.1% at $1.2874, but on
track for modest weekly gains, up around 1% since last Friday.
Versus the euro, the pound was little changed at 85.62
pence, having strengthened to fresh six-month highs in a rally
which puzzled analysts in late London trading on Thursday
.
A YouGov poll on Thursday showed that 86% of Britons who
will vote in the election thought of themselves as "Leavers" or
"Remainers", versus just 68% who identified themselves as a
political party.
Johnson repeated his intention to "get Brexit done" on
Friday, saying the UK needs to come out of regulatory alignment
with the EU and that it has "bags of time" to negotiate a free
trade deal.
Britain's opposition Labour Party said it would nationalise
parts of telecoms provider BT's network if it won power in the
Dec. 12 election to provide free full-fibre broadband for all
.
The proposal sent shares in BT down to the bottom of
London's blue-chip FTSE 100 index.
"At present sterling benefits from anything that lowers
Labour's chances of winning the election," Commerzbank's head of
FX and commodity research Ulrich Leuchtmann wrote in a note to
clients.
(Reporting by Elizabeth Howcroft and Dhara Ranasinghe; Editing
by Hugh Lawson)
