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Currency Markets Brace for Impact on UK Election, Comey Testimony

Currency Markets Brace for Impact on UK Election, Comey Testimony

2017-06-07 05:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Aussie Dollar gains on GDP data in otherwise quiet Asian trade
  • NZ Dollar lower, US Dollar higher as markets digest latest moves
  • Standstill may prevail near-term as explosive event risk nears

The Australian Dollar outperformed in otherwise quiet Asian trade after first-quarter GDP data registered in line with expectations. The figures showed the on-year growth rate slowing to 1.7 percent, the lowest since the post-crisis trough of 1.2 percent recorded in the third quarter of 2009.

While hardly encouraging, the outcome broadly matched consensus forecasts and so offered nothing beyond what was already priced in. Rather, it defused worries about an even weaker print stoked by a soft set of current account figures published yesterday, sending the currency upward.

The New Zealand Dollar pulled back as prices digested yesterday’s advance. The US Dollar was also in consolidation mode, edging higher having recorded a third consecutive loss against its major counterparts as risk aversion cooled Fed rate hike bets (as expected).

Looking ahead, a lackluster offering of European and US economic data might put a lid on volatility. Traders may opt against committing to a firm directional bias ahead of Thursday’s big-ticket event risk including the UK general election and Congressional testimony from ousted FBI director James Comey.

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Asia Session

Currency Markets Brace for Impact on UK Election, Comey Testimony

European Session

Currency Markets Brace for Impact on UK Election, Comey Testimony

** All times listed in GMT. See the full DailyFX economic calendar here.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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