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Hardy: Sterling in focus after UK election

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The US nonfarm payrolls report did not provide the market much clarity on the direction of the dollar, says Saxo Bank’s John Hardy. Meanwhile focus this week will be on Sterling, which moved sharply after the Conservative Party won the UK election.

Several events this week have the potential to move GBP. These include manufacturing data out on Tuesday, the Bank of England’s inflation report due on Wednesday and the monthly jobs and earnings data also out on Wednesday.

Talks between Greece and its creditors on Monday could also move markets, according to Hardy. EURCHF is the pair most sensitive to any headlines from a meeting of eurozone finance ministers in Brussels. The Greek situation must see some sort of resolution, Hardy says, as Greece is rapidly running out of cash.