IronFX Daily Commentary by Charalambos Pissouros | 20/06/2016
June 20, 2016 9:01 am
“Brexit”: Is “Remain” gathering momentum? • FX markets opened with a tone similar to Friday’s late trading. Higher GBP and a risk-on tone. • GBP/USD (and all major FX pairs) opened with a gap after polls over the weekend indicated a small lead for “Remain”. • Also, a leading “Leave” politician switched sides, something that added to “Remain” momentum. • GBP is likely to have a very volatile week. Liquidity may be less than usual, causing movements to be sharper than previously.
Today: • Speakers: Riksbank Governor Stefan Ingves and Minneapolis Fed President Neel Kashkari.
This week: • Tuesday: Testimony by Fed Chair Yellen. We expect her to largely reiterate her comments from the June FOMC. RBA Jun. meeting minutes. Germany’s ZEW survey for Jun. • Wednesday: No major events or indicators. • Thursday: Britain’s EU membership referendum. Results due Friday morning. A vote to leave could have a large negative impact on GBP and to a lesser degree EUR. A remain vote could offer a relief bounce to GBP and a smaller boost to EUR. Norges Bank meeting. • Friday: German Ifo survey for Jun. US durable goods orders for May are exp. to decline.
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“Brexit”: Is “Remain” gathering momentum?
• FX markets opened with a tone similar to Friday’s late trading. Higher GBP and a risk-on tone.
• GBP/USD (and all major FX pairs) opened with a gap after polls over the weekend indicated a small lead for “Remain”.
• Also, a leading “Leave” politician switched sides, something that added to “Remain” momentum.
• GBP is likely to have a very volatile week. Liquidity may be less than usual, causing movements to be sharper than previously.
Today:
• Speakers: Riksbank Governor Stefan Ingves and Minneapolis Fed President Neel Kashkari.
This week:
• Tuesday: Testimony by Fed Chair Yellen. We expect her to largely reiterate her comments from the June FOMC. RBA Jun. meeting minutes. Germany’s ZEW survey for Jun.
• Wednesday: No major events or indicators.
• Thursday: Britain’s EU membership referendum. Results due Friday morning. A vote to leave could have a large negative impact on GBP and to a lesser degree EUR. A remain vote could offer a relief bounce to GBP and a smaller boost to EUR. Norges Bank meeting.
• Friday: German Ifo survey for Jun. US durable goods orders for May are exp. to decline.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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