IronFX Daily Commentary by Charalambos Pissouros | 19/04/2017
April 19, 2017 9:21 amVideo
Latest News
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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.
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