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April 19, 2017

FXGiants, "UK Prime Minister calls for snap election" Investors' Focus on Brexit & Frexit

Today’s Highlights by FXGiants!

This article is originally referred from FXGiants News.

Today’s Highlights | 19.04.2017 – 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.

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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