Boris and Kathy Forex Weekly – 27/6/2016 – Commodity Dollars
June 26, 2016 11:11 pm
Boris and Kathy Forex Weekly – 27/6/2016 – Commodity Dollars
Britain’s decision to leave the European Union triggered pandemonium across the financial markets. Currencies and equities were hit hard by the vote with sterling falling over 10% intraday. This was the worst day ever for the British pound and the 1.3230 low reached during the Asian trading session was the weakest level for GBP/USD in more than 3 decades. The last time we had a move this large was during the Global Financial Crisis and before that on Black Wednesday, when the U.K. government was ejected out of the European Exchange Rate Mechanism (ERM). Brexit will be worse than Black Wednesday – we see that in the price action of currencies and gilts along the level of uncertainty in the market.
Boris and Kathy Forex Weekly – 27/6/2016 – Commodity Dollars
Britain’s decision to leave the European Union triggered pandemonium across the financial markets. Currencies and equities were hit hard by the vote with sterling falling over 10% intraday. This was the worst day ever for the British pound and the 1.3230 low reached during the Asian trading session was the weakest level for GBP/USD in more than 3 decades. The last time we had a move this large was during the Global Financial Crisis and before that on Black Wednesday, when the U.K. government was ejected out of the European Exchange Rate Mechanism (ERM). Brexit will be worse than Black Wednesday – we see that in the price action of currencies and gilts along the level of uncertainty in the market.
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