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Sterling weakens as Conservative poll lead is cut to 5 points

The pound sterling fell against the U.S. dollar May 26 after a pre-election opinion poll showed the lead of U.K. Prime Minister Theresa May's Conservative Party over the opposition Labour Party drop to five points May 26, from 19 points three weeks earlier.

It had dipped 0.8% to stand at $1.2841 as of 8:27 a.m. ET, after a YouGov poll for The Times showed 43% backing for the Conservatives, compared to 38% for the Labour party. It was the smallest government lead of the campaign for the June 8 election so far and down from a 19-point Conservative advantage in a YouGov poll taken May 3.

The declining support came after the prime minister was forced to back down on a proposal included in the Conservative Party manifesto that would have seen the houses of pensioners with dementia sold off after their deaths to pay for accumulated care bills.

The latest YouGov poll was conducted May 24-25 and was the first survey since 23 people were killed in a bombing at a pop concert in Manchester on May 22.

Sterling fell against all of its 16 major peers, Bloomberg News reported.