UK aftermath and crypto landslides

Frank Walbaum FX Strategies.Asia

Important news for the day

Fri, 05th 14:30 CET CA employment rate.
Fri, 05th, 14:30 CET US Nonfarm Payrolls.

UK election

As previously expected the Labour party won the election with a landslide success. This would also add a major parliamentary majority as votes are still being counted. It seems that 410 out of the 650 seats will go to them, which marks the biggest victory since Tony Blair took government in 1997. Meanwhile the Pound has not responded much but is holding up gains for now. The results had also previously anticipated and did not come as a surprise. However, the FTSE 100 index is showing solid gains and was rising off the technical support zone at 8.200.

Market talk

Heading into the NFP report today the Dollar continues losing steam today. After the public holiday in the US, where trading has been muted, we might now get further moves with the result of the payrolls report. Weakness in the Greenback might hence continue. Numbers will be expected lower, compared to the previous release. Elsewhere Gold and Silver continue their way to the upside and oil prices remain steady before the weekend. The losses in cryptos continue with currently no end in sight.

Tendencies in the markets

Equities positive, USD weak, BTC / ETH weak, oil sideways, metals positive, JPY stronger.

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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