GMT FX Live – News

Overnight Interbank Ranges AUDUSD 0.6913 – 0.6934 AUDEUR 0.6169 – 0.6188 AUDGBP 0.5435 – 0.5464 AUDNZD 1.0562 – 1.0579 · It has been a relatively quiet night given the US and UK were closed for a public holiday. · There haven’t been too many new developments on the US-China trade war front. · Trump is visiting Japan at present and he told a press conference with Japanese PM Abe that, while China would like to strike a trade agreement, “we’re not ready to make a deal.” Trump added “I think sometime in the future China and the United States will absolutely have a great trade deal, and we look forward to that.” For now though, both sides seem reluctant to compromise and the market remains concerned that the next move in the conflict will be the US imposition of 25% tariffs on the remaining $300b of Chinese imports, with China likely to retaliate. · The GBP has moved lower this week, as the results from the European parliamentary elections confirmed a strong showing for Nigel Farage’s Brexit party, which topped the vote share with 32%. European elections are not generally a good proxy for the number of seats that a party might win in a UK general election. Conservative leadership hopefuls have pounced on the election result, in which the party received less than 10% of the vote, as suggesting that the electorate wants Brexit to be delivered. · AUD and NZD have essentially been bystanders with both antipodean currencies drifting lower over the course of the overnight session amid a broad based USD recovery.