- Democratic candidates across the city of 7.4 million secured more than half of the 452 district council seats.
- The outcome should be risk-friendly for the immediate term; Eyes on AUD/JPY.
Reuters reported that "Democratic candidates across the city of 7.4 million secured more than half of the 452 district council seats for the first time, against a strongly resourced and mobilized pro-establishment opposition."
- "As of 5:00 a.m. (2100 GMT), pro-democracy candidates had secured a majority with at least 283 seats, compared to about 32 seats for the pro-establishment camp, according to local media estimates. A record 1,104 candidates were vying for 452 seats."
- “The government needs to know that if they don’t answer our demands, we will continue demanding and the protests will not stop,” said a 26-year-old pro-democracy voter who gave her name as Cda."
Update
"Pan-democrats apparently have scored a huge victory in HK district council elections. It's hoped they will expand influence within constitutional framework from now on,stop radical street politics. It's also hoped the elections will be turning point in ending the riots"
- Hu Xijin, the Chief in Editor for the Global Times.
FX implications:
One would presume that this is pro-risk for markets, hopefully giving the protesters a score over the elite, although only time will tell as to whether the lull in troubles leading into the elections will continue or not. President US Trump is on standby with respect to the Honk Kong bill and we are expecting announcements soon – "Trump also made clear his reluctance to sign the Hong Kong Hong Kong Human Rights and Democracy Act, which passed Congress with overwhelming support ," which impinged on US/Chinese relations, "Republican senators responded by insisting that the bill would become law, using a Congressional override of a presidential veto if needed," analysts at Westpac explained. The yen and Aussie are the most correlated currencies to US-China trade disputes making AUD/JPY a compelling technical set-up:
- Chart of the week in Analysis: AUD/JPY at a critical juncture
- AUD/JPY looks for fresh direction to stays above 100-day SMA
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds higher ground above 0.6400 amid fresh US Dollar selling
AUD/USD has picked up fresh bids above 0.6400 in the Asian session on Thursday. Renewed US Dollar weakness on fading US trade deals optimism overshadow bets that the RBA will cut rates next week. All eyes remain on US data and Fedspeak.
USD/JPY recovers toward 145.50 amid Japan's weaker Q1 GDP print
USD/JPY rebounds from weekly lows toward 145.50 in the Asian session amid the divergent BoJ-Fed policy expectations. The BoJ is widely expected to hike rates again in 2025 despite weaker-than-expected Japan's Q1 GDP print. In contrast, this week's softer US inflation figures boost the case for more rate cuts by the Fed.
Gold price stalls recovery from over one-month low near 200-period SMA on H4
Gold price struggles to capitalize on the previous day's strong recovery move from the $3,120 region, or the lowest level since April 10, and attracts some sellers during the Asian session on Friday. The US-China trade truce for 90 days has eased some of the pressure on global markets and is seen as a key factor acting as a headwind for the safe-haven bullion.
Bitcoin and Solana decline as FTX plans to begin second wave of distributions
Bitcoin (BTC) and Solana (SOL) saw a slight decline on Thursday, following an announcement from defunct crypto exchange FTX that it will commence its second wave of creditors’ distributions on May 30.
Why the UK’s first quarter growth surge looks strange
The UK economy roared back to life in the first quarter after stagnating through the second half of last year. Or did it? We're not sure the data is an accurate guide to what's going on beneath the surface.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.