Collinson FX Market Commentary - June 21 - Brexit poll points to stay

by Collinson FX on 21 Jun 2016

Giacomo - ANZ Fiji Race Start - June 4, 2016 Richard Gladwell www.photosport.co.nz

Collinson FX Market Commentary - June 21 - Brexit poll points to stay

June 21b - UK Brexit polls turned sharply over the weekend, surging in a reversal, leaning back to the remain campaign. This caused the biggest spike in the GBP in 7 years, jumping to 1.4670, relief obvious. Global equities all surged, as the status quo looks to have consolidated power, sending calming signals across markets. The safety play was reversed, with the Dollar slipping across the board, pushing the EUR up to 1.1300. The YEN remains in intervention territory, trading 103.90, testing the BoJs resolve?

Commodity prices regained some momentum, bolstering the associated currencies, pushing the NZD to 0.7100 and the AUD to 0.7450. This is a week where the referendum will dominate markets and change seems unlikely. The dire warnings and pressure internally and externally are overwhelming. Global Government is moving closer and rejection of nationalism is prevalent. Boris and his merry band gave a brave effort but looked to be vanquished. This gives some certainty to markets, but until Thursday, nothing is certain! You got to love the underdog! Go Boris!!

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