Forex Market View for June 23, 2016, UK referendum
The UK referendum so we may not know for some time what happens next, especially if Brexit wins. UK’s referendum is underway and the capital markets are continuing the move that began last week with the murder of UK MP Cox.
UK referendum to leave would have significant implications for the rest of the EU and world markets. The pound and other high beta currencies have continued to rebound overnight driven by a further paring back of Brexit risk ahead of today’s EU referendum in the UK.
European markets, driving the region’s indices sharply higher as markets have almost priced-in that UK will remain in the EU amid polls underway.
EUR/USD remained pretty steady in the 1.1400 area, near daily highs, following the release of a string mixed US data. EUR/USD needs a close above 1.1385 in order to allow further gains near 1.1450.
EUR/GBP cross to monthly low level near 0.7625 level. The pair, however, has managed to recovery from low to currently trade around mid-0.7600s.
GBP/USD pair now trimming around 60-70-pips from session high to currently trade around 1.4880/90 band.
GBP/JPY cross surging to a 3-week high level of 158.00 before retracing few pips to currently trade around mid-157.00s.
USD/CHF pair has managed to bounce-off session lows to currently trade near mid-0.9500s.
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