GBP/USD has rallied around 3.14% since Theresa May announced a snap general election, as markets largely priced in a Tory victory. GBP/USD has been trading above the downside uptrend line support since May 31st. Today is the market-focused UK general election. The Tories are expected to remain in power, however, now it is hard to…
Read moreToday is a big day for the market with three major events upcoming: the market-focused UK general election, the Former FBI Director Comey’s testimony, and ECB’s rate decision and press conference at 12:45 and 13:30 BST respectively. The market is expected to be volatile across the board. In terms of the UK general election, there…
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The European Central Bank’s (ECB) rate decision and press conference is scheduled at 12:45 and 13:30 BST respectively on Thursday, June 8th. Earlier today, Bloomberg unexpectedly reported that the ECB will cut its inflation forecast at tomorrow’s meeting due to falling energy prices. The annual inflation forecasts announced in March foresaw rates of 1.7%, 1.6%…
Read moreThe market-focused UK general election date is tomorrow, Thursday, June 8th. The left-wing Labour party’s manifesto includes cancellations of university tuition, free school meals, increasing government spending on social benefits, nationalising and capping fares of train companies, water utilities and energy utilities. In general, the Conservatives lead Labour across all ages, apart from the 18…
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Safe havens have strengthened across the board as the recent risk events have lifted markets’ risk off sentiment. Notably the London terror attack, gulf states cut diplomatic ties with Qatar, and the upcoming UK general election. Spot gold has seen a significant 6% gain since May 11th. On Tuesday, June 6th, spot gold rallied 1.1%,…
Read moreSafe havens have strengthened across the board as the recent risk events have lifted markets’ risk off sentiment. Notably the London terror attack, gulf states cut diplomatic ties with Qatar, and the upcoming UK general election. On Tuesday, June 6th, spot gold rallied 0.8%, hitting a high of $1289.55, last seen on April 19. JPY…
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EUR/GBP has seen a noticeable 4.3% gain since May 11, helped by the strengthening of EUR. On the daily chart EUR/GBP has been trading above the downside 10-day SMA support since then. However, in early European session today, the bulls have retraced after hitting a 12-week high of 0.8766, as trading below the significant resistance…
Read moreThe London terror attack happened on Saturday, June 3rd, which was the third terror attack in the UK this year following the Westminster terror attack in March and the Manchester terror attack in May. The timing of the London terror attack especially sensitive being just a few days prior to the general election. The polls…
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USD/CAD has plunged 2.5% from May 5th to 24th caused by rising oil prices. The trend has turned to an upswing since May 24th helped by a slump in oil prices after the recent OPEC meeting. On the 4-hourly chart USD/CAD has turned bullish, trading above the downside uptrend line support. This morning USD/CAD hit…
Read moreThe crucial US labour market data for May will be released today, June 2nd at 13:30 BST. It includes non-farm payrolls, unemployment rate and average hourly earnings. Please note that the release of US labour market data will likely cause volatility for USD, USD crosses and commodities. Non-farm payroll in April was 211K, beating the…
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