ForexLive trading news and headlines 8 May 2015
- UK Election 2015: Lib Dem leader Clegg hangs on to his seat as his party collapses
- UK Election 2015: PM Cameron holds his seat as does Labour leader Miliband
- UK Election 2015: The heat's not off Cameron even if he is back in No 10
- UK election: Conservatives need one more seat to secure a majority
- Where now for GBP after UK elections? - Forex technical analysis
- Switzerland unemployment rate April 3.3% as exp
- Switzerland CPI April mm -0.2% vs -+0.1% exp
- Germany industrial production March mm SA -0.5% vs +0.4% exp
- German trade balance March EUR +23.0bln vs +20.0bln exp
- Halifax house price index April mm +1.6% vs +0.3% exp
- Italy industrial production mm +0.4% vs +0.2% exp
- UK visible trade balance March GBP -10.122 bln vs -9.8bln exp
- Austria's Schelling says there is no "sensible solution" close on Greece
- Eurogroup's Dijsselbloem says no decision expected on Monday but progress on Greece being made
- SNB's Moser says SNB has not been a passive FX observer after the end of the cap
- PBOC: China has no need for QE to sharply increase liquidity level
- The top Non-farm payrolls pickers are expecting a bounce back today
- ECB QE proceeding smoothly says Draghi
The UK was front and centre for European trading today but the moves were mainly done over night on the release of the exit polls. An early spot of cable election catch up buying pushed GBPUSD through 1.55 to 1.5523 but the market was happy that a majority government was going to be the result and the election risk has washed out. Through the morning the pound has slipped back but is finding support ahead of 1.54. We move back to trading interest rates and economics now and last night's rally rests on the jobs data from the US later
EURUSD has been pretty lacklustre but has still managed a 60+pip range today. German trade data added more to the surplus machine and the pick up in activity from exports and imports put a mild bid in the euro. Industrial production in Germany took some of the wind from that and later in the session we slipped to a 1.1180 low as mild dollar buying stepped in
USD/JPY looks to be pricing in a return of decent jobs numbers from the States as it slowly climbs up and through 120.00 to a high as I type of 120.13
We're doing the usual water treading ahead of big US data, which has kept most pairs within quiet ranges. The UK election is all but done, and the UK will be back to moaning about all and everything by Monday