We finally come to the day of reckoning, when the UK electorate have to decide on whether to stay in the EU, but the referendum polls have been suggesting the vote to remain is the more likely to play out. This has led to some strong gains in GBP, with the new highs in cable - since the referendum was announced - extended to just shy of 1.4950 before a wall off selling interest called time on what some see as highly presumptuous move. We have seen a little more restraint in EUR/GBP, with gains spreading to EUR/USD, but the cross rate ran into strong resistance above .7700 as cable retreated by almost 2 cents to return the EUR spot rate back into the mid 1.1300's. Other cross rate activity of note as been in the JPY pairings - all gaining across the board as the equity markets have also been buoyed by the optimism in the referendum result. This resulted in an eventual USD/JPY break above 105.00, but this was tempered at 106.00 with resistance levels higher up kicking in to keep the spot rate in check with the recent lows in the mid 103.00s. In the commodity/risk currencies, CAD gains were contained ahead of the recently established 1.2655 level, returning into the mid 1.2700's for now. A little more resilience seen in AUD, which continues to eye a move on .7600, but struggling here for now despite taking out .7575 resistance. New 1 year+ highs for NZD/USD, as we tip .7250. Good selling interest just above here, but this will be tested if the UK vote to stay in. CHF staying in touch with its recent highs also, but has given up a little ground against both the EUR and USD. NOK gained modestly after the Norges bank rate hold, along with the modest downgrade in CPI.
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Plenty Of Choppy Trade As The UK Votes On EU Membership
Published 06/23/2016, 11:24 AM
Updated 07/09/2023, 06:31 AM
Plenty Of Choppy Trade As The UK Votes On EU Membership
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