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 Currency Analyst
Based in Singapore, Jeffrey has over 25 years experience in the financial markets, having traded currencies, options, precious metals and futures. Jeffrey started his career at Barclays Bank in New Zealand. However he has spent most of it in London and Asia.Jeffrey focuses on the Asia time zone across asset classes. A regular commentator on business news TV and Radio, he is originally from New Zealand and holds an MBA from Cass Business School, London.
Jeffrey Halley

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