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Forex News Timeline

Friday, December 13, 2019

The latest UK election update shows that the UK PM Johnson has retained his seat, increasing his nominal vote to 25,351 from 23,716 in 2017. Following

The latest UK election update shows that the UK PM Johnson has retained his seat, increasing his nominal vote to 25,351 from 23,716 in 2017. Following his win, Johnson said: It does look like this conservative govt has a powerful, new mandate. A mandate to get Brexit done. I want to thank the people of this country for voting in an election we didn't want to call. This gives us a chance to respect the will of the people. Our work will begin today. Meawnhile, Lib Dem leader Jo Swinson was defeated by just 149 votes by Amy Callaghan from the SNP. Turnout was 80%.

The US will announce a trade deal in Washington on Friday, sources close to the matter told Bloomberg. President Trump on Thursday tweeted Washington

The US will announce a trade deal in Washington on Friday, sources close to the matter told Bloomberg.  President Trump on Thursday tweeted Washington was “very close” to a trade deal with Beijing. Trade optimism put a bid under the risk assets, lifting the US stocks to record highs.  The Dow Jones Industrial Average (DJIA) clocked a lifetime high of 28,224 before closing the day with 0.79% gains at 28,132. 

Boris Johnson is on the wires now, via ITV, noting that things seem to be moving in the right direction.

Boris Johnson is on the wires now, via ITV, noting that things seem to be moving in the right direction.

"It has been a very disappointing night for Labour", Jeremy Corbyn, the head of UK's Labour party said while speaking at Islington, according to Bloom

"It has been a very disappointing night for Labour", Jeremy Corbyn, the head of UK's Labour party said while speaking at Islington, according to Bloomberg.  Corbyn added that he will not lead Labour in the next elections.     

Labour’s McDonnell: Many members will be heartbroken by results MOre to come ...

Following comments are crossing the wires from Labour Party’s finance spokesman John McDonnell, as expresses his grief on the likely defeat in the UK election. Many members will be heartbroken by results. This was the result of a decision many people took on the issue of Brexit. Meanwhile, Jeremy Corbyn retains the seat in Islington North. He gets 34,603 votes, ahead of the Lib Dem in second place on 8,415 - a majority of 26,188.

The UK government bonds will likely drop, sending yields higher, as Prime Minister Johnson'slandlisde victory, as predicted by exit polls, is seen rem

The UK government bonds will likely drop, sending yields higher, as  Prime Minister Johnson'slandlisde victory, as predicted by exit polls, is seen removing the cloud of Brexit uncertainty that has been weighing over the UK economy since June 2016.  Also, the US treasury yields are rising on impending the US-China trade deal and will likely bolster the bullish pressures around the Gilt yields.  At press time, the yield on the US 10-year note is trading at 1.91%, representing a 14 basis point gain on the low of 1.77% registered during the US trading hours on Thursday.  The UK 10-year Gilt yield closed at 0.822% on Thursday and is likely to gap higher on Friday. 
 

As per the latest vote count, The Tories have taken Redcar, Burnley and Ynes Môn from Labour, as well as West Bromwich West and Bishop Auckland. Also,

As per the latest vote count, The Tories have taken Redcar, Burnley and Ynes Môn from Labour, as well as West Bromwich West and Bishop Auckland. Also, Tories have taken the marginal Ipswich seat from Labour, with Swing - Lab to Con (+6.4). Its going to be a miserable defeat for Labour Party in the UK election, with a potential 110 seats majority expected for Boris Johnson’s party.

There is a 95% probability that incumbent Prime Minister Boris Johnson will between 333 and 387 seats, according to The Economist. The opinion polls h

There is a 95% probability that incumbent Prime Minister Boris Johnson will between 333 and 387 seats, according to The Economist.  The opinion polls have already predicted a landslide victory for Johnson's Conservative party.  Key points Our best guess is that they (Conservatives) will win 357 seats.  That would make it the largest party and give it more than the 326 needed for a majority. 

The Democratic Unionist Party’s (DUP) Westminster Leader Nigel Dodds has lost his seat in North Belfast, as Sky News reports. On the above headlines,

The Democratic Unionist Party’s (DUP) Westminster Leader Nigel Dodds has lost his seat in North Belfast, as Sky News reports. On the above headlines, the Cable has shed nearly 30-pips to retrace to near 1.3475 region.

WTI oil is currently trading at $59.50 per barrel, representing marginal gains on the day. The long upper shadow attached to Thursday's candle indicat

Thursday's candle is signaling buyer exhaustion near $59.70. A move below $59.29 would validate Thursday's candle, inviting stronger selling pressure. WTI oil is currently trading at $59.50 per barrel, representing marginal gains on the day.  The long upper shadow attached to Thursday's candle indicates buyer exhaustion near $59.70.  The candle would gain credence if the session low of $59.29 is breached. That will likely invite stronger selling pressure, possibly yielding a drop to $58.00.  A quick move above $59.70 is needed to keep the bullish trend going. At press time, the pair is reporting a 7.7% gain on a month-to-date basis.  Daily chartTrend: Bearish below $59.29 Technical levels  

USD/JPY rallied overnight and has remained better bid on risk appetite and investor optimism owing to the breakthroughs on both Brexit and Sino/US tra

USD/JPY clings to session highs on UK elections and Sino/US trade deal.Optimism could turn sour once markets focus on phase two trade deal hurdles and Brexit transition/negotiations.USD/JPY rallied overnight and has remained better bid on risk appetite and investor optimism owing to the breakthroughs on both Brexit and Sino/US trade wars. USD/JPY is currently trading at 109.53, up 0.22% having travelled in Asia from a low of 108.92 to a high of 109.57.  Overnight, USD/JPY spiked from 108.56 to 109.30 on prospects of a so-called phase-one trade deal being agreed and inked between the US and China.  First off, US President Trump tweeted, "Getting VERY close to a BIG DEAL with China. They want it, and so do we!" Then we had Bloomberg TV citing unnamed sources claiming that the US had reached a trade deal in principle with China which was awaiting Trump's sign-off.  Once the market had closed, with all three US benchmarks carving out record highs, Bloomberg reported that Trump signed off on the Sino/US trade deal which sealed the deal for the bulls and sent the kiwi on to the highest levels since July. There has been speculation that a deal would most likely "stop China issuing its second batch of tariffs on products such as corn, wheat, and rare earth magnets, and reinstating an extra 25% tariff on US-made vehicles and 5% on auto parts which had been suspended earlier this year," analysts at ANZ Bank said.  How long can the trade war optimism last? However, analysts at Rabobank have argued that the real progress on China-US trade talks could hardly count unless a final agreement is signed… "Moreover, the two sides need to make persistent efforts, moving toward cancelling all additional tariffs…Since both China and the US are major countries, it is unrealistic for the two countries to work out a trade deal which reflects unilateralism even though the US is more powerful.” As such, risks remain that this ‘Nasty-Soviet Pact’, as I already dubbed it last time we got close to one, collapses; and more so that it paves the path to a Trump 2020 victory, at which point trade tensions escalate even more." Meanwhile, the UK elections have also been a focus. It was game over really from the off for Labour and sterling bears due to the exit polls signalling a landslide victory for the Tory party which has sent GBP on a tear. The UK election exit polls gave the Tory party a majority of 86 in what will be a phenomenal victory if the exit polls are accurate.  Exit poll results in full And here are the full exit poll results.Conservative majority: 86Conservatives: 368 Labour: 191 SNP: 55 Liberal Democrats: 13 Plaid Cymru: 3 Greens: 1 Brexit party: 0 Others: 22 The actual results are also leaning heavily towards a Tory victory, inline with the exit polls.  USD/JPY levels    

The Tories have gained the Clwyd South seat, which has been held by a Labour MP since its creation in 1997. Swing: Lab to Con (+7.5) Turnout: 67.3% Me

The Tories have gained the Clwyd South seat, which has been held by a Labour MP since its creation in 1997.  Swing: Lab to Con (+7.5) Turnout: 67.3% Meanwhile, the Conservatives also gained Blyth Valley in Northumberland, a mining seat that has only been represented by Labour since its creation in 1950.  The GBP/USD pair consolidates the vertical rise to nineteen-month highs of 1.3515, now wavering just below the 1.35 handle amid a likley Conservatives win.  UK election: Peterborough seat taken over by Tories, Putney goes to Labour UK election: Tories gain Darlington from Labour UK election: Conservatives take the lead in Nuneaton, Workington

More comments are crossing the wires from senior Chinese diplomat Wang Yi, via Reuters, as he urges the US to calm down as soon as possible and establ

More comments are crossing the wires from senior Chinese diplomat Wang Yi, via Reuters, as he urges the US to calm down as soon as possible and establish a rational view on China and correct its world view.  

Offshore Yuan (CNH) has dropped to a 3.5-year low against the British Pound despite the talk of the US-China trade deal. President Trump on Thursday t

GBP/CNH has jumped to the highest level since the June 2016 Brexit referendum. Yuan is struggling despite the US-China trade optimism. GBP is flying high on exit poll forecast of Tory majority.Offshore Yuan (CNH) has dropped to a 3.5-year low against the British Pound despite the talk of the US-China trade deal.  President Trump on Thursday tweeted that Washington was “very close” to a trade deal with Beijing. The news put a bid under the risk asset, lifting US stocks to fresh record highs.  Further, BBC reported two hours ago that Trump has signed off on the terms of the deal and could make an official announcement as soon as Friday.  Even so, the offshore Yuan is feeling the pull of gravity against the British Pound. The GBP/CNH pair is currently trading at 9.3830, a level last seen in June 2016. The pound is flashing green on exit polls forecasting a big election victory for the incumbent Prime Minister Boris Johnson's victory.  Experts believe a decisive Tory victory will clear the way for Johnson to take Britain out of the European Union (EU) on Jan. 31 and the resulting clarity on the Brexit front will likely bode well for the economy.  The real results released so far are pointing to Tory party victory, as anticipated by exit polls.  As a result, the CNH may continue to trade in the red against the British Pound.  The offshore Yuan is also reporting losses against the greenback. The USD/CNH pair is currently trading at 6.9636, representing moderate gains on the day, having dropped by 1.24% on Thursday, the biggest daily decline since Aug. 13.

Another win for Tories, as Peterborough, held by Labour in a by-election in June, has turned to the Conservatives, with a swing from Labour at +3.3. K

Another win for Tories, as Peterborough, held by Labour in a by-election in June, has turned to the Conservatives, with a swing from Labour at +3.3. Key Details: CON: 46.6% (-0.2)
LAB: 41.2% (-6.9)
LDEM: 4.9% (+1.6)
BREX: 4.4% (+4.4)
GRN: 1.5% (-0.3)

Meanwhile, ITV News report that Labour gains Putney from Tories. Cable keeps its bullish momentum intact just below 1.3500

Reuters reports the latest comments from China’s Foreign Ministry on trade, with the key headlines found below.

Reuters reports the latest comments from China’s Foreign Ministry on trade, with the key headlines found below. The United States wrong understanding of China is the root cause. The US actions have seriously damaged the hard-won mutual trust between China and US.

GBP/NZD is eyeing the biggest single-day gain in over three years. The pair is currently trading at 2.0362, representing a 2.09% gain on the day. That

GBP/NZD is solidly bid with exit polls forecasting a big win for Tory party in the UK elections.  Markets were expecting PM Johnson to score a big win.GBP/NZD is eyeing the biggest single-day gain in over three years.  The pair is currently trading at 2.0362, representing a 2.09% gain on the day. That is the biggest daily rise since Nov. 10, 2016. On that day, the pair had gained 2.14%.  Pound picked up a strong bid in early Asia after the exit polls of the UK elections predicted a landslide victory for the incumbent Prime Minister Boris Johnson. As per the latest reports, Johnson's Tory party is likely heading for the biggest election win since Margaret Thatcher.  A decisive Tory victory will clear the way for Johnson to take Britain out of the European Union (EU) on Jan. 31. It would also clear the way for the party to make good on its pledge to quickly name the next Bank of England governor, according to Bloomberg's Brexit editor Edward Evans.  That said, currency markets seem to have priced in a Tory victory. The GBP/USD pair has rallied by more than 1,000 pips in the last two months.  Hence, a "sell the fact" pullback cannot be ruled out following the official confirmation of Tory party victory. In that case, GBP/NZD will end the day with lesser gains.  Technical levels
     

UK election: Tories gain Darlington from Labour More to come ....

UK election: Tories gain Darlington from Labour  More to come ....

In a gated story, the Financial Times (FT) carries an opinion piece, citing what next for the UK government on the Brexit front, as the Conservatives

In a gated story, the Financial Times (FT) carries an opinion piece, citing what next for the UK government on the Brexit front, as the Conservatives are seen winning the election with a landslide majority. Key Quotes: “Three years of political paralysis is over. The Brexit path is now, for good or ill, clear. The country will at last have a stable government with a working majority. The bad news is that the country is about to discover that it takes more than a vote at an election to "get Brexit done"; that Boris Johnson is going to be unfettered in the next stage of the EU negotiations and that a huge nationalist surge in Scotland almost certainly heralds another independence referendum. Even in the midst of their jubilation, the Conservatives may fear that while they secured Brexit, they may lose the UK.”

As the UK election results trickle in, the Conservatives have won the seat of Nuneaton, formerly a tight battleground seat between the Conservatives a

As the UK election results trickle in, the Conservatives have won the seat of Nuneaton, formerly a tight battleground seat between the Conservatives and Labour. Conservatives hold a majority of 13,144, with Tory vote share is up 9.0%. GBP/USD Technical Analysis: Back below 1.35, RSI offers strongest overbought signal since January 2018 EU Commission Head: Will get mandate from EU leaders tomorrow for next steps in the Brexit process

The People's Bank of China (PBOC) has set the Yuan reference rate at 7.0156 versus Thursday's fix at 7.0253.

The People's Bank of China (PBOC) has set the Yuan reference rate at 7.0156 versus Thursday's fix at 7.0253.

GBP/USD is currently trading at 1.3457, having hit a 19-month high of 1.3515 in early Asia due to the UK election exit polls predicting a big win for

GBP/USD has backed off from 19-month highs hit in early Asia. The RSI is flashing the strongest overbought reading in nearly two years. The indicator can stay overbought for prolonged period in a strong trending market. GBP/USD is currently trading at 1.3457, having hit a 19-month high of 1.3515 in early Asia due to the UK election exit polls predicting a big win for the incumbent Prime Minister Boris Johnson.  The pair's 14-day relative strength index (RSI) is now hovering at 80.47, the highest level since January 2018. An above 70-reading indicates overbought conditions. So, it seems safe to say that the pair is most overbought in nearly two years.  An overbought reading on the RSI does not imply bearish reversal. It merely indicates the rally has gone too far and a pause could be in the offing.  Also, in a strong trending market, indicators can stay overbought longer than sellers can stay solvent.  That said, the GBP/USD pair has rallied by nearly 1300 pips in the last two months and seems to have priced in Johnson's victory.  So, a "sell the fact" pullback in GBP could be seen once the official results confirm victory for Johnson's Conservative party.  Daily chartTrend: Overbought Technical levels  

Reuters quotes one Washington-based source familiar with the trade talks, saying that Although there appeared to be an agreement in principle, it was

Reuters quotes one Washington-based source familiar with the trade talks, saying that Although there appeared to be an agreement in principle, it was unclear whether it was a written, actionable deal, or whether Beijing had agreed to it, said one Washington-based source familiar with the talks. The source said: "Until the full text is released, it's not particularly actionable. It's very unclear to me: Is this an agreement in principle or is it an agreement?"

The European Commission (EU) Head was reported by Reuters, as saying that the EU will get mandate from EU leaders tomorrow for next steps in the Brexi

The European Commission (EU) Head was reported by Reuters, saying that the EU will get a mandate from EU leaders tomorrow for the next steps in the Brexit process. Key Points: We will see if the UK parliament now accepts the withdrawal agreement. We are ready for the next steps. Last hour, ITV News quoted a No. 10 source, saying that UK government is planning on moving on Brexit (withdrawal bill) in one week.EUR/GBP Technical Analysis: GBP spikes on UK election exit polls, pair most oversold since 2015

AUD/USD is trimming gains amid a solid rise in the GBP/AUD pair. The AUD/USD pair is currently trading at 0.6914, representing marginal gains on the d

AUD/USD has pulled back from 4.5-month highs despite trade optimism. GBP/AUD pair has risen to the highest level since the Brexit referendum.AUD/USD is trimming gains amid a solid rise in the GBP/AUD pair.  The AUD/USD pair is currently trading at 0.6914, representing marginal gains on the day, having hit a high of 0.6939 an hour ago. That was the highest level since July 26.  The pair had jumped to 4.5-month highs on trade optimism. President Trump tweeted in the overnight trade that Washington was “very close” to a trade deal with Beijing.  Further, news hit the wires via Reuters in Asia that China has agreed to purchase $50 billion worth of US agricultural goods.  Fading trade tensions could bode well for the Australian economy and ease pressure on the Reserve Bank of Australia (RBA) to ease more. Even so, the AUD/USD pair has trimmed gains.  The pair may be feeling the pull of gravity due to GBP/AUD rally (AUD selling in GBP/AUD cross).  The GBP/USD pair is currently trading at 1.9465, having hit a high of 1.9504 earlier today. That level was last seen in June 2016, when Britons voted to leave the European Union.  The Pound picked up a strong bid in early Asia after the exit polls predicted a landslide victory for the incumbent Prime Minister Boris Johnson.  Technical levels  

Speaking to reporters during a press conference late Thursday, the Bank of Canada (BOC) Poloz said that the churn in labor market points to better job

Speaking to reporters during a press conference late Thursday, the Bank of Canada (BOC) Poloz said that the churn in labor market points to better job matches and productivity. Asked about nov jobs data, says we don't put a lot of weight on individual data points, especially labor data. Asked about possible insurance cut if jobs data falls for third month, says would not just look at employment, would look at other indicators, labor market tends to lag. Central bank is seeing in global economy a bottoming out of most indicators. Immigrants boost firm creation statistics which can often be a source of productivity. When interest rates are negative fiscal policy is preferable to monetary policy. Investment may have been boosted by special factors in third quarter. Inflation on target suggests the BOC has done its job. Side effects of low rates are not the bank's prime mission. Macro prudential measures are there to address financial vulnerabilities. Basel 3 changes make household sector and financial system more resilient. Asked what government should be looking for in his replacement, says he is sure there are plenty of qualified candidates. Movement on USMCA and government capital depreciation measures could be boosting investment in 2019. He doesn't know what he will do when term ends.

As the majority landslide win for the Conservatives is seen quite clear after the first real results (Exit polls), Sweden’s PM Lofven said that the “U

As the majority landslide win for the Conservatives is seen quite clear after the first real results (Exit polls), Sweden’s PM Lofven said that the “UK election result is clear, means we will move forward with separation”. We now have 11 months to hash out trade deal, "it's very short time", he added. No. 10 Source: Expect second reading of Withdrawal Bill next Friday with budget in March - ITV UK Elections: First real results seem to confirm Conservative landslide, GBP positive

EUR/GBP is currently trading at 0.83, having hit a low of 0.8276 an hour ago. Currently, the pair is reporting 1.72% on the day, the biggest single-da

British Pound is cheering exit polls forecasting a landslide victory for PM Boris Johnson. EUR/GBP is looking most oversold since early 2015.Markets have likely priced in Johnson's victory.EUR/GBP is currently trading at 0.83, having hit a low of 0.8276 an hour ago.  Currently, the pair is reporting 1.72% on the day, the biggest single-day decline since Jan.17, 2017.  The British Pound is solidly bid due to exit polls predicting a landslide victory for the UK Prime Minister Boris Johnson's Conservative party.  If the polls are correct, Johnson’s withdrawal agreement is certain to get through parliament by the current Brexit deadline of Jan. 31, said Bloomberg economist Dan Hanson. Also, it would reduce the uncertainty that has hurt businesses since 2016. Oversold EUR/GBP 14-relative strength index is currently hovering at 23.95, the lowest level since early 2015. Put simply, the pair is most oversold in nearly five years.  An oversold RSI does not necessarily mean a bullish reversal, as indicators tend to stay oversold for a prolonged period in a market with strong bearish momentum.  That said, EUR/GBP's sharp drop from 0.90 to 0.83 seen over the last months indicates the market has likely priced in Johnson's victory.  So, a corrective bounce could be seen once the Conservative party victory is confirmed.  Daily chartTrend: Bearish but oversold Technical levels  

ITV’s Political Correspondent, Paul Brand, tweeted out last minutes, citing a No 10 source saying – “we can expect minor cabinet reshuffle tomorrow wi

ITV’s Political Correspondent, Paul Brand, tweeted out last minutes, citing a No 10 source saying – “we can expect minor cabinet reshuffle tomorrow with more substantial reshuffle post-Brexit. Second reading of Withdrawal Bill next Friday with the budget in March”.   More to come ....

The futures on the S&P 500 are flashing red in Asia as investors are buying risk on talk of tentative US-China trade deal and Brexit optimism. The fut

Futures on the S&P 500 are reporting gains in Asia on US-China trade optimism. The pound is flying high on exit polls forecasting big win for Prime Minister Boris Johnson.Big majority for Johnson is seen paving the way for more decisive Brexit negotiations. The futures on the S&P 500 are flashing red in Asia as investors are buying risk on talk of tentative US-China trade deal and Brexit optimism.  The futures are currently trading at 3,179, representing a 0.32% gain on the day.  Treasury yields are also gaining ground on improved risk appetite. The 10-year US government bond yield is currently reporting a 14 basis point drop.  Stocks rallied to record highs in the overnight trade after President Trump tweeted that the US and China are close to signing a trade deal that would avert another round of tariffs due to start on Sunday. As per the latest reports, the deal could be announced as soon as Friday and China have agreed to purchase $50 billion worth of US agricultural goods.  Brexit optimism GBP/USD jumped from 1.3163 to 1.3515 in the 60 minutes to 23:00 GMT on Thursday, after exit polls forecasted a landslide victory for Prime Minister Boris Johnson's Conservative party.  Assuming the poll is accurate, Johnson’s Withdrawal Agreement is certain to get through parliament by the current Brexit deadline of Jan. 31, said Bloomberg economist Dan Hanson. It would reduce some of the uncertainty that has plagued the economy since the country voted to leave the EU in June 2016. A decisive Conservative victory would also make way for the Prime Minister to make good on his promise to quickly name the next Bank of England governor.  All this is supportive of the risk assets.

The Bank of Japans December Tankan has shown that big manufacturers index falls for the fourth straight quarter. Japan Tankan Large Manufacturing Inde

The Bank of Japans December Tankan has shown that big manufacturers index falls for the fourth straight quarter. Japan Tankan Large Manufacturing Index (Q4): 0 (est 4, prev 5). Key notes Big non-manufacturers index falls for second straight quarter. Big manufacturers index falls to lowest level since march 2013. Many big manufacturers' cited negative impact from US-Chinia trade tension, overseas slowdown, sales tax hike. Big non-manufacturers index matches level hit in march 2017. Some boJ manufacturers said businesses were affected by peak-out in Olympics-related demand. Some big retailers cited negative impact from sales tax hike, typhoons. Big automakers' sentiment index turns negative for 1st time since June 2016. The Tankan large Manufacturing Outlook released by the Bank of Japan shows forecasts of the growth in the Manufacturing sector for the next quarter. It is considered as an indicator of future business expectations. A high reading is seen as positive (or bullish) for the JPY, while a low reading is seen as negative (or bearish)      

Japan Tankan Large Manufacturing Outlook below expectations (3) in 4Q: Actual (0)

Japan Tankan Non - Manufacturing Outlook above expectations (16) in 4Q: Actual (18)

Japan Tankan Large All Industry Capex above forecasts (6%) in 4Q: Actual (6.8%)

Japan Tankan Non - Manufacturing Index above forecasts (16) in 4Q: Actual (20)

Japan Tankan Large Manufacturing Index below forecasts (2) in 4Q: Actual (0)

The first three declarations of real results from the UK elections have shown a significant swing toward Prime Minister Boris Johnson's Conservative P

The first three declarations of real results from the UK elections have shown a significant swing toward Prime Minister Boris Johnson's Conservative Party. The outcome seems to confirm the exit polls, which showed a massive 86-seat win for the Tories. GBP/USD initially hit a high of 1.3514 before correcting to around 1.3460 and is now on the rise again. The Conservative Party gained one seat from Labour while the opposition party has clung to two seats but with substantially smaller majorities. The seats are in the Northeast. Follow all the updates in the UK Elections live coverageGBP/USD weekly chart showing the massive upswing: Former Tory Chancellor of the Exchequer Goerge Osborne said on television, following the surprising gain in Blyth Valley: We never thought we’d get Blyth Valley. We had hopes in a place called Tynemouth, which we might come to later. There’s a Conservative candidate in Hexham who I heard a couple of days ago saying ‘we are going to win Blyth valley’ and I thought he was always a bit optimistic, this guy. But he was right and that is a pretty spectacular win

Gold is losing altitude in Asia as investors are buying risk and selling safe havens on trade optimism. The yellow metal, a classic safe-haven asset,

Investors are selling safe havens on the news of the Tentative US-China trade deal. Gold is flashing red, having hit five-week highs in the overnight trade. The yellow metal is posting a bigger loss in GBP terms.Sterling is flying high on exit polls predicting Conservative victory.Gold is losing altitude in Asia as investors are buying risk and selling safe havens on trade optimism.  The yellow metal, a classic safe-haven asset, is currently trading at $1,464 per Oz, having hit a five-week high of $1,487 in the overnight trade.  The pullback could be associated with the tweet by President Donald Trump that Washington was “very close” to a trade deal with Beijing. A report that US trade negotiators offered to cancel a new round of tariffs on Chinese goods further boosted the risk appetite.  Further, as per the latest reports, China has agreed to purchase $50 billion worth of US agricultural goods.  Gold takes a hit in GBP terms Gold in GBP terms or XAU/GBP is currently trading at £1,087 per Oz, representing a 2.52 percent drop on the day. Also, the current price was last seen on June 20.  The Pound has surged on exit polls predicting a bigger than expected majority for Prime Minister Boris Johnson's Conservative party. A Conservative victory is seen paving the way for Brexit and is weighing over the safe-haven gold.  At press time, the GBP/USD pair is trading 1.3463, having hit a high of 1.3515 a few minutes ago. That was the highest level since May 2018.  The focus now shifts to the real results. According to Bloomberg, Labour has lost its stronghold Blyth Valley. Technical levels  

Reuters has reported that the United States has agreed to reduce some tariffs on Chinese goods and delay a tranche of tariffs that were slated to go i

Reuters has reported that the United States has agreed to reduce some tariffs on Chinese goods and delay a tranche of tariffs that were slated to go into effect on Dec. 15 as part of a trade deal between the two economic giants, a U.S. source familiar with the situation said on Thursday. China also has agreed to make $50 billion in agricultural purchases in 2020 as part of the deal, that person and another U.S. source familiar with the talks said. More to come...  

Reuters is citing sources familiar with Sino-American trade talks and details are emerging. The world's largest economies have agreed not only to refr

Reuters is citing sources familiar with Sino-American trade talks and details are emerging. The world's largest economies have agreed not only to refrain from new tariffs on December 15 but also remove previous ones. Moreover, and again according to these reports, Beijing has agreed to purchase $50 billion of agricultural foods (agrifoods) from Washington in 2020. The details sound more comprehensive than a mere trade truce and could push stocks higher. Equities have rallied on Thursday and early reports about a trade deal. 

NZD/USD has pulled back to 0.6620 a the time of writing following a spike to the 0.6635 session highs which came as a consequence to the news that US

NZD/USD rallies to 0.6635 on Sino/US trade-deal headlines. UK exit polls point to a Tory landslide which has underpinned risk appetite supporting commodity-FX. NZD/USD has pulled back to 0.6620 a the time of writing following a spike to the 0.6635 session highs which came as a consequence to the news that US President Donald Trump signed off on the Sino/US trade deal in order to avert the December tariffs. The combined news of a Tory landslide exit-poll victory has propelled risk appetite to the best levels in months as investors finally get to see some rays of light a the end of the tunnel.  A consistent build-up in positive news flows surrounding the phase-one deal kept markets buoyed from the off overnight and underpinned the upside in the commodity complex. First off, US President Trump tweeted, "Getting VERY close to a BIG DEAL with China. They want it, and so do we!" Confirmation of such news was first reported on Bloomberg TV citing unnamed sources claiming that the US had reached a trade deal in principle with China which was awaiting Trump's sign-off.  Following the market close, Bloomberg reported that Trump signed off on the Sino/US trade deal which sealed the deal for the bulls and sent the kiwi on to the highest levels since July. There has been speculation that a deal would most likely "stop China issuing its second batch of tariffs on products such as corn, wheat, and rare earth magnets, and reinstating an extra 25% tariff on US-made vehicles and 5% on auto parts which had been suspended earlier this year," analysts at ANZ Bank said.  Meanwhile, the UK elections are in play with the results of the exit polls claiming a landslide victory for the Tory party which has sent GBP on a tear. The UK election exit polls give the Tory party a majority of 86 in what will be a “phenomenal victory” is the exit polls are accurate.  Exit poll results in full And here are the full exit poll results.Conservative majority: 86Conservatives: 368 Labour: 191 SNP: 55 Liberal Democrats: 13 Plaid Cymru: 3 Greens: 1 Brexit party: 0 Others: 22 NZD/USD levels      

EUR/USD is trading at 1.12, breaking above the double-top of 1.1180 which held it down in October and up 0.60% on the day. Euro/dollar is being carrie

EUR/USD is trading at 1.12, breaking above the double-top of 1.1180 which held it down in October and up 0.60% on the day. Euro/dollar is being carried higher by the exit polls from the UK elections, which show a landslide majority for Boris Johnson's Conservatives. The 110-seat majority may be hard to counter by real results. A smooth Brexit that Johnson may advance provides some certainty for the euro-zone. EUR/UDS is now eyeing 1.1230, which capped the currency pair in late August. Close by, 1.1250 was another peak in the summer. Further above,1.1285 held it down twice in July. It is followed by 1.1320, which dates back to June, and then 1.1390. Looking down, 1.1160 was a resistance line in recent days and now turns into support. It is followed by 1.1130, a support line from October. Next, we find 1.11, which held EUR/USD down in November. It is followed by 1.1065, 1.1030, and 1.0980.  Earlier, the US and China reportedly reached an accord that would prevent new tariffs. Further details are awaited. Christine Lagarde, President of the European Central Bank, left interest rates unchanged in her first decision and sounded cautiously optimistic. Follow all the updates in the UK Elections live coverage

EUR/GBP has stabilised at a key support level near the lows of the day post the exit polls. EUR/GBP currently trades at 0.8283 having travelled down f

EUR/GBP has dumped to the lowest levels since July 2016 on Tory landslide victory exit polls. Tories outright victory with 368 seats vs Labour 191 seats sends GBP on a tear. EUR/GBP has stabilised at a key support level near the lows of the day post the exit polls. EUR/GBP currently trades at 0.8283 having travelled down from a high of 0.8445 to a low of 0.8278. The UK election exit polls give the Tory party a majority of 86 in what will be a “phenomenal victory” is the exit polls are accurate.  Exit poll results in full And here are the full exit poll results.Conservative majority: 86Conservatives: 368 Labour: 191 SNP: 55 Liberal Democrats: 13 Plaid Cymru: 3 Greens: 1 Brexit party: 0 Others: 22  John Bercow told Sky News it would be an “absolutely dramatic victory” that would allow Johnson to get “phase one” of the Brexit process through by the end of January" - GBP bullish. However, reacting to this evening’s exit poll, a Labour spokesperson argued: It’s only the very beginning of the night, and it’s too early to call the result. We, of course, knew this was going to be a challenging election, with Brexit at the forefront of many people’s minds and our country increasingly polarised. But Labour has changed the debate in British politics. We have put public ownership, a green industrial revolution, an end to austerity centre stage and introduced new ideas, such as plans for free broadband and free personal care. The Tories only offered more of the same. EUR/GBP levels EUR/GBP has taken out the April 2017 lows at 0.8297 and has marked a fresh low of 0.8278, lowest since July 2016 - (a double bottom 2016/2015 support area). On an extension here, bears can look for 0.8130/50 April 2016 highs and Feb 2014 lows.

GBP/UDS has surged some 2.5% in response to the exit polls in the UK elections which have shown a massive 110-seat Conservative victory. If confirmed,

GBP/UDS has surged some 2.5% in response to the exit polls in the UK elections which have shown a massive 110-seat Conservative victory. If confirmed, it would allow Boris Johnson to continue as prime minister, with minimal worries from Brexiteers. GBP/USD is trading at the highest levels since June 2018.  The weekly chart is showing that the next level to watch is 1.35, which capped a recovery attempt in the spring of 2018. IT is followed by 1.3710, which was a swing low in early 2018. Further up, 1.39 was a support line around that time, and the upside target is 1.4375, the high point last year. Support awaits at 1.3380, which was the previous 2019 high, and then 1.3275, a high point from the summer. The Relative Strength Index on the weekly chart is getting close to 70 – overbought territory. 

The GBP/JPY currency cross is trading in a bull trend above the main SMAs on the four hour time frame as the bulls are having a massive breakout on UK’s elect

GBP/JPY bulls are in full control as the market is having a massive breakout.The level to beat for bulls is the 148.00 resistance.   The GBP/JPY currency cross is trading in a bull trend above the main SMAs on the four hour time frame as the bulls are having a massive breakout on UK’s elections. The buyers will probably try to break above the 148.00 handle. Targets to the upside can be seen near the 148.00, 149.00 and 150.00 levels. On the flip side, support is seen at the 146.00 and 145.00 figures.    Additional key levels  

-- more to come Follow all the updates in the UK Elections live coverage Prime Minister Boris Johnson's Conservative Party was expected to win an abso

Television exit polls show a massive Conservative majority.  Tories 368
Labour 191
Lib Dems 13
SNP 55
Plaid 3
Greens 1
Others 19 GBP/UDS is heading toward 1.34 -- more to comeFollow all the updates in the UK Elections live coveragePrime Minister Boris Johnson's Conservative Party was expected to win an absolute, albeit narrow majority in parliament. A hung parliament has not been ruled out. Investors would prefer the PM to hold onto his job and follow through with ratifying his Brexit accord and enacting business-friendly policies. A hung parliament may lead to LAbour leader Jeremy Corbyn becoming PM and leading a minority or coalition government.  GBP/USD has experienced a broad range during election day, moving beetween the highs of 1.3230 and the low of 1.3050.  
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