UK election poll news: GBP/USD set to swing on every survey

Yohay Elam FXStreet

UK data takes a backseat to key election poll

The latest batch of economic data from the UK provides a fairly negative view on the recent levels of activity with the main takeaway being a flat GDP reading for the month of October. After two consecutive monthly contractions, a reading of 0.0% does signal some improvement, but this should hardly be celebrated and it’s becoming abundantly clear that economic growth has essentially ground to a halt.

After a return to growth in Q3 following the contraction in Q2 a technical recession will be avoided for now, even if the fourth quarter delivers a negative reading, but on the whole, this is reflective of an economy that is barely keeping its head above water. Read more…

UK: Most important election coming up – TDS

James Rossiter , head of global macro strategy at TD Securities, points out that the UK's Thursday election has been called the "most important election for a generation" as it could decide the path for Brexit over 2020 and beyond.

Key Quotes

“Our base case is for the Conservatives to retain power with an enhanced majority of at least 36 votes, enabling them to pass legislation by a comfortable margin – including the Brexit Withdrawal Agreement – without having to depend on support from other parties or rebellious factions within the Conservatives.” Read more...

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.