Sunday 27.05.2018 FX opening rates

-US-NK Meeting yes/No? See the live blog updates. More likely a YES. Risk on then.
-Italy A mess. Comedia dell’Arte continues .Forming  a government seems to have failed is the latest and sources telling us 5Star and League are calling for a Mattarella impeachment… Rather EUR negative I’d say although the early rates show a surprising higher EUR. Maybe some short termers’ stops going through.
-Celebrity Brexit Get Me out of Here: Rees-Mog doesn’t want to play in the sand box .

Don’t forget UK and US bank holidays today should impact any flow or headline that bit more than in normal market circumstances. We’re in month end territory which should accentuate any negative GBP news and see some EUR cross demand via GBP and SEK. The latter if materialising would provide a nice opportunity to get short EURSEK at better levels again imo.

I’m still short a tad EURUSD and long USDCHF in the meantime. The weekend news doesn’t alter my view although USDHCF is at risk (0.9880 stop) if the Jordan boys don’t play in EURCHF. Risk should in theory be smalls supported on the better NK outlook but I’m not sure it’ll outweigh the negative Italian climate for long. Sell EUR rallies very much still the way forward imo.

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