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FOREX: AUD, GBP lag on domestic politics
-AUD and GBP sit at the bottom of G10 FX Monday with politics prompting markets
to shy away from the currencies. AUD/USD slipped to lows of $0.7088 (just 43
pips above the YTD lows) as results poured in from the by-election in Wentworth,
Sydney. The results show one of the largest vote swings in political history,
away from the ruling Liberal Party and in favour of independent candidates. When
the vote count is finalised, PM Morrison will lose his parliamentary majority.
-In the UK, PM May received a shot across the bow as Conservative MPs warned she
must heed fresh demands from the pro-Brexit wing of her party or face a full
blown rebellion. GBP managed to hold up well in early trading, but has retreated
to the bottom of the table ahead of the NY crossover. EUR/GBP faces 200-dma
resistance at Gbp0.8835.
-Scandi currencies trade well ahead of central bank meetings later this week.
The Riksbank are expected to bring forward their repo rate forecast Wednesday.
-The calendar is close to empty Monday, with few datapoints or speakers of note.
UK PM May is due to update MPs in the House of Commons on Brexit at 1400BST.