Asia Midday Update. A Crushing Win UK Conservatives

UK Election
Labour’s Corbyn concedes, Liberal’s Swinson loses her seat, SNP massive gains North of the border.
Tories on track for a crushing win in today’s election with 200 of 650 seats left to declare.
GBP rallied two per cent overnight but is unchanged in Asia at 1.3470, next resistance, 1.3600.
FTSE futures fall as Pound rallies.
Asia Stocks
Strong rallies across the region after Trump agrees on interim trade-deal with China and follow Wall Street higher. Exact details are still to emerge though.
Nikkei + 2.43%, ShComp + 1.63%, CSI 300 + 1.39%, Kospi + 1.26%, STI +1.33%, Hang Seng + 2.04%
Currencies
Majors mostly unchanged against the USD. Regional currencies are mostly stronger against the greenback on trade news.
USD/CNH rises 0.40% to 6.9600 on profit-taking after massive CNH rally in overnight trading.
Oil
Brent Crude rises 0.15% to $64.75 a barrel with WTI flat at $59.55 a barrel after climbing modestly overnight.
Nearby resistance at $65.00 and $59.50 respectively, with both contracts supported by trade hopes.
Gold
Gold fell modestly overnight but has risen 0.11% to $1469.50 in Asia on weekend risk hedging by local traders.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Jeffrey Halley

Jeffrey Halley

Senior Market Analyst - Asia Pacific
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia and the New York Times. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley