 Sterling remains undoubtedly the strongest one for today, and the week, cheering Conservative's landslide victory in UK elections. Boris Johnson pledged that "we will get Brexit done on time by the 31st of January, no ifs, no buts, no maybes." That's what markets are firmly believing in now. Meanwhile, sentiments turned cautious though as US-China trade deal is back under question, or at least the terms. We'd only know if there would be tariff rollbacks after the expected form announcement by Trump's administration today. Technically, GBP/USD and GBP/JPY retreats after this week strong rally. But near term outlook will remain bullish as long as 1.3050 and 142.47 support holds respectively. Similarly, while EUR/GBP recovers, outlook will stay bearish as long as 0.8508 resistance holds. USD/JPY was rejected by 109.72 resistance on renewed uncertainty on US-China trade deal. Consolidation might extend into early next week. In Europe, currently, FTSE is up 1.98%. DAX is up 0.65%. CAC is up 0.70%. German 10-year yield is up 0.0010 at -0.257. Earlier in Asia, Nikkei rose 2.55%. Hong Kong HSI rose 2.57%. China Shanghai SSE rose 1.78%. Singapore Strait Times rose 0.61%. Japan 10-yaer JGB yield dropped -0.0105 to -0.029. |
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