8 May 2015
UK: Early results consistent with exit poll - SocGen
FXStreet (Bali) - According to Kit Juckes, FX Strategist at Societe Generale, UK election results are so far consistent with the exit poll suggesting a strong conservative showing.
Key Quotes
"UK election results are trundling through and so far, are consistent with the exit poll suggesting a) a strong conservative showing, b) SNP cleaning up in Scotland, 3) LibDems getting annihilated. Sterling has liked the idea of avoiding a protracted period of unworkaly weak Government."
"A Conservative/UDP/Libdem 'deal' would be stable on these figures and coulf survive. Not a great outcome but look for 1) GBP rallies further, 2) the front end of the gilt curve, suffers relative to long end and GBP."
"Otherwise, if Bunds have an insude day, breaking neither Thursday"s low or high, we can 'do' CT."
"Global markets are in the midst of a position squeeze. By and large those currencies that underperformed previously have outperformed in the most recent fortnight, and vice-versa. We remain on the sidelines in the dollar, but EUR/USD looks a very attractive short again in the 1.15-1.16 zone. The NOK meanwhile has outperformed handily on the back of the oil rally and weaker dollar, and we stay short EUR/NOK."
Key Quotes
"UK election results are trundling through and so far, are consistent with the exit poll suggesting a) a strong conservative showing, b) SNP cleaning up in Scotland, 3) LibDems getting annihilated. Sterling has liked the idea of avoiding a protracted period of unworkaly weak Government."
"A Conservative/UDP/Libdem 'deal' would be stable on these figures and coulf survive. Not a great outcome but look for 1) GBP rallies further, 2) the front end of the gilt curve, suffers relative to long end and GBP."
"Otherwise, if Bunds have an insude day, breaking neither Thursday"s low or high, we can 'do' CT."
"Global markets are in the midst of a position squeeze. By and large those currencies that underperformed previously have outperformed in the most recent fortnight, and vice-versa. We remain on the sidelines in the dollar, but EUR/USD looks a very attractive short again in the 1.15-1.16 zone. The NOK meanwhile has outperformed handily on the back of the oil rally and weaker dollar, and we stay short EUR/NOK."