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May takes GBP on wild ride as she announces snap election

Posted on: April 19, 2017

Did anyone catch the number of the GBP train yesterday? After announcing a surprise press conference yesterday, Theresa May caught the market off guard by announcing she would not be resigning as PM, but instead would be calling a snap election to try and consolidate power at home in order to strengthen her negotiating position for Brexit. Cable enjoyed close to a 400-point range on the day, trading a low of 1.2516 before running stops all the way to poke its head above 1.29 briefly. In contrast to the sharp moves in GBP and its crosses, USDCAD enjoyed a slow grind higher, with the trade being mostly headline based on comments from Treasury Secretary Mnuchin and President Trump relating to USD strength and NAFTA/border tax changes. 10YR UST yields continue to sink towards the 200-day moving average at around 2.05%

For those watching USDCAD, the comments made by President Trump yesterday about NAFTA and Canada’s unfair dairy trades spooked the market, as participants worried that a more aggressive negotiating stance by the US could negatively impact Canada. Oil remains stagnant, though we do have inventory numbers later this morning. We are coming up to decent resistance around 1.3450/60 at the time of writing, will the recent uptrend and headline trading be enough to push through or will it require a weaker than expected CPI print on Friday? After 1.3450/60 the next level to watch on the topside is the 1.3500 figure, with bids coming in around 1.3380 and again at 1.3330/40.

    Yesterday’s NA Range 1.3352 – 1.3400
  • Asia Overnight Range 1.3375– 1.3413
  • London Overnight Range 1.3408 – 1.3444

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