GBP/USD rallies after UK voting stations close and exit polls show Conservative lead

GBP/USD surged after the UK election exit polls came out showing a surprise lead by the Conservative Party. As the results come out from each constituency, it was becoming quite evident that the Conservatives were gaining more seats in parliament. GBP/USD jumped at the open of the Asian session from 1.5235 to 1.5447 then continued higher to 1.5521.

EUR/GBP fell due to the stronger pound, from 0.7388 to 0.7224. As a consequence, this pair pulled down the EUR/USD pair as well, from 1.1277 to 1.1190. The downside bias still remains.

USD/JPY did not move that much, as markets are waiting for the all-important US nonfarm payrolls report later today. Forecasts are for more jobs to be created in April from March’s dismal 126,000 jobs. Some expect 228,000 new jobs to have been added to the US economy last month. Such a positive number would send the dollar higher. Thursday’s weekly US jobless claims came in below forecasts at 265k, versus expectations of 277k, and this helped strengthen the greenback.

AUD/USD was volatile after the RBA released its quarterly monetary policy report. Markets initially struggled to interpret the statement and AUD/USD fluctuated between 0.7868 and 0.7926. Eventually, the bearish tone of the report sent the pair down to 0.7862 before it bounced a bit higher to 0.7900.

The post GBP/USD rallies after UK voting stations close and exit polls show Conservative lead appeared first on Forex Circles.

Source:: GBP/USD rallies after UK voting stations close and exit polls show Conservative lead