Collinson FX Market Commentary - June 14 - Brexit leave vote looms
by Collinson FX on 14 Jun 2016
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Collinson FX Market Commentary - June 14 - Brexit leave vote looms
Equities drifted lower to open the week, ahead of the Feds rate decision and the Brexit vote on the 23rd of June. The Fed are likely to refuse to raise rates, as previously indicated, using the softening global economic conditions as an excuse.
Japanese Manufacturing contracted 11.1%, while Chinese Industrial Production was steady, along with the Retail Sales. The GBP consolidated at 1.4225, with the leave vote overtaking the remain, sending shivers through European markets. The EUR traded 1.1290, while the JPY approached 106.00, with the Dollar drifting.
There was little upward pressure on the Dollar ahead of the FOMC, allowing the AUD to briefly regain 0.7400, while the NZD firmed above 0.7000. Fed inaction should lead to a falling reserve although Brexit fears may allow some flight to safety!
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