8 May 2015
GBP spikes as Labour and Lib-Dems fail in UK elections – TradeTheNews
FXStreet (Barcelona) - The TradeTheNews Team shares the key developments in the UK election scenario, noting that GBP/USD saw a spike after Conservatives saw a solid performance.
Key Quotes
“In FX space, GBP saw particularly outsized gains on solid performance by ruling Conservatives and disappointing polls for opposition Labour and coalition member Liberal Democrats. Just after 4am GMT, Conservative Party picked up 14 seats and lost 5, while Labour lost 43 against +12 gained and LD lost 22 seats with none gained. Pro-independence Scottish National Party (SNP) results were especially impressive, picking up 46 seats. Note that 326 seats are needed for a majority, and Conservatives will still likely need to find a governing partner.”
“GBP/USD spiked up some 150pips on the initial exit polls in early trade and added to those gains throughout the session, testing $1.55 level late in the session - a 2-month high. EUR/GBP collapsed 150pips as well to fall below £0.7240 - a 1-week low.”
Key Quotes
“In FX space, GBP saw particularly outsized gains on solid performance by ruling Conservatives and disappointing polls for opposition Labour and coalition member Liberal Democrats. Just after 4am GMT, Conservative Party picked up 14 seats and lost 5, while Labour lost 43 against +12 gained and LD lost 22 seats with none gained. Pro-independence Scottish National Party (SNP) results were especially impressive, picking up 46 seats. Note that 326 seats are needed for a majority, and Conservatives will still likely need to find a governing partner.”
“GBP/USD spiked up some 150pips on the initial exit polls in early trade and added to those gains throughout the session, testing $1.55 level late in the session - a 2-month high. EUR/GBP collapsed 150pips as well to fall below £0.7240 - a 1-week low.”