|Day's Range||1.271 - 1.276|
|52 Week Range||1.2481 - 1.3491|
The Australian dollar rallied as much as 1% on Monday after the incumbent Liberal-National government retained power in a surprise election result defeating the favored Labor party.
LONDON MARKETS Ryanair’s gloomy outlook for the coming year dragged on London markets Monday and fellow airlines, while banks were also weaker. A fresh bout of trade tensions also weighed on London and European equities.
European stocks stumbled Monday as trade tensions kicked off the week, dragging global markets lower, with technology and apparel makers under pressure on the continent. Italy’s FTSE MIB (IT:I945) plunged 2.8% amid increased political tensions, after Deputy Prime Minister Matteo Salvini led a rally Saturday ahead of European elections, vowing to take on the region’s mainstream leaders. In Germany, the DAX (DX:DAX)(DAX) declined 1.8% to 12,013.75, adding to its woes Friday when it swooned 0.6%.
The return of domestic political turmoil in the United Kingdom has led to a flurry of selling momentum for the British Pound, which fell over 300 pips during the previous trading week.
June U.S. Dollar Index traders should keep an eye on the Euro since it is heavily weighted in the index. The Dollar Index could weaken if the EUR/USD takes out 1.1164 and strengthen if the EUR/USD breaks through 1.1152.
EU Parliamentary Elections kick off on Thursday, with Britain and the Netherlands going to the polls first. Will the far-right finally find their voice?
It’s a mixed start to the day, support for the Aussie Dollar kicked in, while the EUR and the Pound could be under pressure. EU elections loom…
Investing.com -- The dollar is pushing toward the two-year high it hit in April in early trading in Europe on Monday, after election victories for business-friendly incumbents in Australia and India offset ongoing worries over trade relations between the U.S. and China.
Investing.com - The Chinese yuan rose against the U.S. dollar on Monday in Asia. In a report published late Friday, the People’s Bank of China (PBOC) said they would continue with stimulus while keeping the currency steady.
Australian Federal Elections go the way of the Aussie Dollar, with Brexit, EU elections, stats, and trade war chatter in focus in the week ahead.
Investing.com - After a week dominated by escalating trade tensions between the U.S. and China the trade war looks likely to remain to the forefront of investors’ minds, but this week will also feature Federal Reserve minutes, U.S. retail earnings and economic data as well as European Union elections.
The U.S – China trade war continued to grip the markets and, while the China economy showed cracks, U.S stats impressed.
Robust growing USD Index pushed down all its major rivals. Hence, EUR/USD pair plunged despite positive Euro-specific data. Meanwhile, the Cable continued to douse in fall amid Brexit chaos.
The British pound initially tried to rally during the week, but then broke down almost immediately, leaving the 1.30 level in the rearview mirror. After that, we have broken down below the 1.28 level, and now things are looking rather ugly.
The British pound got absolutely hammered during the trading session on Friday again, as we continue to see a lot of concern around the Brexit. This is a markets are reacting to the potential resignation of Theresa May, and the unknown after that.
U.S. stock benchmarks Friday morning traded solidly lower, putting the thee main indexes on a path to book weekly losses and halt a three-session advance amid further investor concerns about trade relations between the U.S. and its international counterparts. The Dow Jones Industrial Average traded about 94 points, or 0.4%, lower at 25,772, the S&P 500 index declined 0.4% at 2,864, and the Nasdaq Composite Index retreated 0.5% at 7,857, in early trade. For the week, the Dow was set for a weekly decline of 1%, the S&P 500 was poised for a weekly slide of 0.8%, while the Nasdaq was on track to fall 1%, according to FactSet data. Heightened trade tensions appeared evident in comments from state-controlled media, including the Communist Party's People's Daily and Xinhua News Agency, which published scathing attacks on U.S. actions in recent days. "The U.S. has made an irrational act in trying to blackmail China with tariff hikes, which will be proven over time to be shortsighted and doomed to fail," read an editorial in the Xinhua early Friday. Meanwhile, the British pound was under pressure against the dollar amid growing uncertainty about Britain's plans to exit from Europe's trading bloc. In corporate news, shares of Pinterest Inc. were looking at double-digit percentage losses, after the social-media company announced Thursday evening that its first-quarter losses of $41.4 million were three times as large as analysts had expected. Meanwhile, Chinese coffeehouse chain Luckin Coffee Inc. , a potential rival to Starbucks Corp. will list their shares on the Nasdaq stock exchange Friday, after pricing its shares at $17, with a plan to sell 33 million shares.
The British pound remains under pressure as talks between the U.K.’s Conservative and Labour parties collapse without an agreement on how to pursue Brexit. Meanwhile, the Japanese yen finds support as trade-war concerns put renewed pressure on global equities.
The pound [s:GBPUSD] dropped Friday as chances dwindled that the U.K.'s two largest political parties can hash out a Brexit agreement. Six weeks of talks between senior lawmakers from the ruling Conservative Party and main opposition Labour party have ended with no deal, increasing the odds for a hard break with the European Union. Prime Minister Theresa May had pinned her hopes of her leadership surviving the summer on a final vote on her unpopular Brexit deal. Hard-liner Brexiteer Boris Johnson's admission Friday that he would "of course" stand for the Conservative leadership fueled the market reaction. Labour leader Jeremy Corbyn told reporters Friday morning that talks had gone as far as they can go and his party will oppose May's Brexit proposal. Sterling traded down about 0.2% against its U.S. counterpart at $1.2764 compared to $1.2796 in late New York trading Thursday. The pair had touched a low of $1.2755 Friday. Euro-pound rose 0.2% to 0.8752 pound, earlier at 0.8755.
Trade saber-rattling and a dollop of Brexit anxiety pushed European markets down in early trading Friday. The pound, (GBPUSD) which swooned 0.6% Thursday on the latest Brexit news, dipped an additional 0.1% Friday to $1.2778. The China-U.S. trading narrative has dominated market commentary this week, largely in the absence of other major developments—or for that matter, developments in the negotiations themselves, which are paused.
The Cable tumbled to two months low levels. May might arrange the voting sessions on the first week of June. Tories stay cherished as PM’s resignation plans sets in.