Asia FX Handover: Record Turnout for European Elections

  • It’s been a quiet start to the week (unlike the prior two weeks) whilst traders wait for cues surrounding trade and Trump’s visit to Japan. GBP and AUD are currently the strongest majors, JPY and CHF are the weakest.
  • The European elections set a record turnout ever at 50.1%. Nigel Farage has won a seat in the European parliament and, whilst Italy, France and Hungary also saw a win for right-wing leaders, overall votes backed pro-EU Green and liberal parties. The impact on FX markets were fairly quiet with EUR/USD trading just 0.1% higher on the session.
  • During Trump’s visit to Japan, PM Abe is stated he’s ‘determined to show very strong US-Japan alliance bond’. Trump said they’re working on trade imbalances and he’s ‘sure that trade imbalances will work out over time’.
  • Bitcoin stopped just shy of $9,000, following Friday’s breakout from compression. WTI has found resistance at Friday’s high around $59 and trades lower for the session. Gold remains supported and is testing last week’s high around $1287.
  • UK and US are on bank holiday today so their respective stock exchanges will remain closed.

Recent Analysis:
Weekly COT Report: AUD Shorts Gain Traction
Week Ahead: May Quits, EU Elections and Trade Wars

Related tags: Dollar Forex

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