IronFX Daily Commentary by Charalambos Pissouros | 19/04/2017
April 19, 2017 9:21 am
UK Prime Minister calls for snap election • Yesterday, UK PM May called an early election for June 8th . • The move aims at strengthening her hand going into the UK-EU divorce negotiations. • In order to hold an election, she must gather support of 2/3 in the parliament (Vote scheduled today) • The Labour party said that it will support a new election, so it is very likely to pass through. • The pound fell ahead of the announcement, on rumors that May will call for snap election. • At the confirmation, the currency rebounded, recovered early losses and continued to surge until it hit resistance near 1.2900 against its US counterpart. “Sell the rumor, buy the fact”. • GBP likely to remain sensitive to headlines and polls regarding the election in the short run. • However, we still expect the broader path to be determined by the UK-EU negotiating landscape.
Today: • Eurozone: Final CPI for March (09:00 GMT). Expectations are for the final figures to confirm the preliminary estimates. Not a major market mover. • Speakers: ECB Board members Peter Praet (14:00 GMT) and Benoit Coeure (N/A). Following the report that the market over-interpreted the March ECB signals, it will be interesting to hear from them, especially ahead of next week’s ECB meeting. Boston Fed President Eric Rosengern (16:30 GMT) also speaks.
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UK Prime Minister calls for snap election
• Yesterday, UK PM May called an early election for June 8th .
• The move aims at strengthening her hand going into the UK-EU divorce negotiations.
• In order to hold an election, she must gather support of 2/3 in the parliament (Vote scheduled today)
• The Labour party said that it will support a new election, so it is very likely to pass through.
• The pound fell ahead of the announcement, on rumors that May will call for snap election.
• At the confirmation, the currency rebounded, recovered early losses and continued to surge until it hit resistance near 1.2900 against its US counterpart. “Sell the rumor, buy the fact”.
• GBP likely to remain sensitive to headlines and polls regarding the election in the short run.
• However, we still expect the broader path to be determined by the UK-EU negotiating landscape.
Today:
• Eurozone: Final CPI for March (09:00 GMT). Expectations are for the final figures to confirm the preliminary estimates. Not a major market mover.
• Speakers: ECB Board members Peter Praet (14:00 GMT) and Benoit Coeure (N/A). Following the report that the market over-interpreted the March ECB signals, it will be interesting to hear from them, especially ahead of next week’s ECB meeting. Boston Fed President Eric Rosengern (16:30 GMT) also speaks.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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