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Home News Forex Broker News fpmarkets

Sterling Drops as Boris Johnson Calls for December Election 25/10/19

Global stocks were mixed as the market continued to receive important corporate earnings data. This week, 129 countries in the S&P500 have reported their earnings. Data so far paints a mixed picture for the third quarter. Companies like Twitter, Amazon, Boeing, and Caterpillar have reported relatively weak numbers. On the other hand, companies like Intel, Tesla, Kimberly-Clark, and P&G have reported better-than-expected numbers. As a result, Dow and S&P500 have been largely unmoved in the past five days. Meanwhile, in Europe, stocks have continued to soar as traders hope that the region has bottomed.

AUS200. The AUS200 pair dropped slightly as traders reacted to the ongoing earnings season. The index dropped from yesterday’s high of $6746 to a low of $6730. On the hourly chart, this price is along the 14-day moving averages and above the 28-day moving averages. The index is still below the important resistance level of $6760. RSI has moved below the overbought level of 70. The index may resume the upward trend as it tries to retest the previous resistance level of $6760.

Euro. Euro declined against the USD as the market continued to react to flash manufacturing data and the ECB decision. Yesterday, data from the region showed that manufacturing and services were contracting. In Germany, flash manufacturing PMI declined to 41.9 from the previous 41.7. Services PMI declined from 51.4 to 51.2. In the EU area, manufacturing PMI remained unchanged at 45.7 while services PMI increased slightly to 51.8. Meanwhile, Mario Draghi left rates unchanged as was widely expected. This was his last monetary policy meeting. Today, traders will receive survey data on the EU economy’s health.

EUR/SEK. The EUR/SEK pair declined sharply yesterday to a low of 10.6485 after the rates decision. The pair then formed a bullish engulfing pattern and its price has recovered to the current 10.7280. On the hourly chart, the short and medium-term EMAs have made a bullish crossover while the signal line of MACD has moved above the neutral line. Today, the pair may move in reaction to German survey data and Sweden’s retail sales.

British pound. Sterling declined as uncertainty over Brexit grew. This was after Boris Johnson announced that he would table a parliamentary motion calling for a general election on December 12. As the prime minister, Johnson does not have the unilateral power to call for an election. To achieve his goal, he must secure a supermajority in parliament. This means that the input of the opposition party will be important. Labour’s Jeremy Corbyn has said that he will only support a general election if no-deal is off the table.

GBP/JPY. The GBP/JPY cross declined yesterday after the election announcement. It reached a low of 138.88. This was below last week’s high of 141.50. The pair is trading along the 14-day and 28-day moving averages while the RSI is neutral. The signal and histogram of the MACD has been unmoved as well. It could move sharply in either direction depending on the conditions put in place by the European Union when it gives a new extension.

The post Sterling Drops as Boris Johnson Calls for December Election 25/10/19 appeared first on FP Markets.

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