FX SUMMARY- All about the Pound

FX have mostly stayed range bound, but most of the action has been in GBP.

• Better buying continuation in GBP as Europe. joined the session.
• Overnight desk reported shorts bailing as we broke through the important 1.4000.
• Similar price action during the EU session with Cable making an attempt at 1.4100 (printed 1.4097 high).
• Contributing factors, UK politics saw the Tories make further inroads into traditional Labour strongholds.
• SNP failed by just 1 seat to get an outright majority. BUT, the party is expected to team up with pro-independence Greens to launch another bid for a referendum, but unlikely to be anytime soon.
• Boris also confirmed that the next stage of re-opening will go as planned on the 17th, and he will hold a presser later today.
• The Pound is bid across the board and versus all majors.
• While a more mixed session for the USD, as noted down 0.75% against GBP, but trade marginally in positive territory vs JPY, SEK and EUR.
• Looking at the rest of the day, US fed Evans Voter, leaning Dove), will be discussing Economic outlook at a virtual event.