- Overnight, UK Prime Minister Theresa May called a snap election for 8 June. After initial selling in the Pound, GBP/USD rallied hard appreciating almost 400 pips after the market realised a May lead government would strengthen the UKs BREXIT negotiating power. Resistance at the 1.290 level has paused the rally.
- The Euro hit a 3-week high trading 1.0736 during the early morning. The EUR/GBP pair tested the 0.8330 level on the downside, a support that has been in place since July 2016.
- USD/JPY reversed its Asian session strength falling back to the 108.40 level off the back of broad based USD selling. The pair still struggling after an 8%+ sell off this year.
- The FTSE 100 lost 2.5%, with European equity indices down 1-1.5%. US equities fell between 0.2-0.6% weaker earnings results from big financials including Goldman Sachs.
- Gold returned to the 1,292 level, showing investors still have geopolitical worries. Comments from Mike Pence reassured the alliance between the US & Japan in the management of North Korea.
- Aussie dollar hit yesterday trading as low as 0.7534 off the back of RBA minutes which expressed growing concern around jobs and housing. RBA suggesting ‘careful monitoring’ on both fronts required over coming months. Moves reversed some of last week’s impressive job numbers and US dollar jawboning from Trump.
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