Collinson FX Market Commentary - June 28 - Europe bleeds post-Brexit
by Collinson FX on 28 Jun 2016
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Collinson FX Market Commentary - June 28 - Europe bleeds post-Brexit
June 28 - The fallout from the Brexit vote continues unflinchingly. S&P double downgraded the UK from, AAA to AA, as telegraphed. This was no shock and only joined Fitch and Moody's. This was after the UK equity market close, but impacted the currency, with the GBP hitting new lows of 1.3180.
The EUR held steady on 1.1000, despite safety flows to the USD and Yen. European equities continue to haemorrhage, suggesting the Brexit may impact the EU more than the UK, shedding almost 12% in the two post Brexit fallout. The FTSE has only dropped 6% since the poll, while US markets even less, with risk of further exits in the offing.
The Bank of England stands ready for any required interventions to stabilise markets, while the Chinese opted for a further cuts, as the Japanese PM has ordered the Bank of Japan to monitor closely. Commodities have fallen, hit by the surging Dollar, thus impacting the associated currencies. The NZD fell below the big, big figure, to trade 0.6980, while the AUD eased to 0.7330. The turmoil is far from over as markets look for stability and certainty in a world of confusion!
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