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GBP Declines Sharply As Conservatives Fall Short of a Majority

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USD

The U.S. dollar settled yesterday vs. a basket of major currencies on Former FBI director James Comey's testimony. Consistent with that testimony, the President never, in form or substance, directed or suggested that Mr. Comey stop investigating anyone, including suggesting that that Mr. Comey “let Flynn go.” Meanwhile, Former director of the FBI James Comey said repeatedly there were details he could not discuss in a public session, making clear he had sensitive information he could disclose only in a closed session with the senators.

GBP

The Sterling pound fell materially yesterday as Conservative party has failed to reach a majority in the British Parliament, with 314 seats, 17 less than their current number. Technically, Cable could trade under pressure during the next period amid political uncertainty. 

EUR

Euro fell to support of $1.12 vs. USD as the European Central Bank (ECB) kept its benchmark interest rate unchanged yesterday and dropped any reference to a future rate cut. Technically, breaking the current support levels could open the door for further declines to $1.10.

Oil

Despite the geopolitical tension between Qatar and other Gulf Arab states, oil prices fell to $45 before trading near to $46.

The most important economic events:

  • CAD Net Change in Employment (MAY): (GMT 12:30) – Important – Forecast (15.0k) – Previous (3.2k).
  • CAD Unemployment Rate (MAY): (GMT 12:30) – Important – Forecast (6.6%) – Previous (6.5%).
  • CAD Part Time Employment Change (MAY): (GMT 12:30) – Important – Forecast (N/A) – Previous (34.3).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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