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Sterling faded post EU elections - The........>

FOREX
FOREX: Sterling faded post EU elections
- The Brexit party claimed a big victory in the European elections overnight.
There were also decent gains seen for Lib Dems, with Labour and the Conservative
Party the biggest losers.
- Sterling held firm into Europe underpinned by a recovery in global equities,
but soon started to fade with added weight from broad-based dollar demand. This
took GBPUSD back under 1.27 with focus on Friday's low at 1.2648. EURGBP touched
pullback lows of 0.8775 at the Asia open, before comfortably recovering the
200-dma & 0.88 level.
- CHF sits bottom of G10 amid the backdrop of improved risk appetite. USDCHF
based ahead of up trendline support at Chf1.0012, with the recovery extending
back through the 100-dma (Chf1.0028) toward Chf1.0065.
- TRY firmed against the USD to Try6.0360 after The CBRT raised its foreign
currency reserve requirements.
- The firmer dollar checked recent EUR & AUD gains. The DXY rallied above 97.70,
while gold traded either side of $1286.

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