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GBPUSD Rallies After Early UK Election Poll, NFPs Will Determine 1.5500

GBPUSD Rallies After Early UK Election Poll, NFPs Will Determine 1.5500

2015-05-08 00:04:00
John Kicklighter, Chief Strategist
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Talking Points:

• Early exit polls on the UK election suggested a clear outcome and drove the Pound sharply higher

GBPUSD posted one of its largest intraday moves on recent records, but the next stage may depend on NFPs

• The US employment report will be a key USD and 'risk' catalyst, Euro traders need to keep tabs on Greece

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Volatility continues to bubble in the FX market. Greek negotiations, early UK election results and the upcoming NFPs are key events that carry serious fundamental weight in exchange rates. In overnight markets, the headline was the massive, nearly 200-pip rally GBPUSD projected after initial exit polls suggested a Conservative lead would make forming a government an easier prospect than had been anticipated. The next stage of this move - a critical trend determination around 1.5500 - will have market participants focusing on Friday's US labor report. A showing that pushes back rate forecasts could mount a more permanent trend reversal. AUDUSD and EURUSD are two other majors that should be considered for NFPs. Speaking of EURUSD, the Euro's persistent climb against a questionable backdrop has the market focusing on Greece and implied volatility. Will this high volatility transition into lasting trends? We focus on these active markets in today's Trading Video.

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