Market Update – 19th April 2017 – Pound Surges On Calling of Shock Election

AUD/GBP is the big move overnight losing close to two hundred points following the call of a snap election by current UK Prime Minister Theresa May. The aim of the snap election which will be held in just 7 weeks is to strengthen her grip on power via a broader parliamentary majority which will allow her more control to negotiate a Brexit which is beneficial to the U.K. With the Pound surging to 6 months highs its obvious traders liked what they heard and there may therefore be further headwind ahead for AUD/GBP. Clients wishing to cover GBP positions may consider Forward Contracts to do this, please call me to discuss.

DATA RELEASES TODAY:

EUR – CPI at 7.00pm

AUD EXCHANGE RATES:

AUD/USD – 0.7519

AUD/GBP – 0.5834

AUD/EUR – 0.6994

AUD/NZD – 1.0654

AUD/JPY – 82.460

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Phone Patrick – 0431 278 632 

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