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HiFX Morning Update - June 27 2016
HiFX Morning Update - June 27 2016
The NZDUSD opens at
0.7085 (mid-rate) this morning.
Friday’s ”Brexit” vote sent shock waves through the market with investors scrambling for safe-havens. The big winners were Gold and the Japanese Yen with the USD also benefiting from the unexpected result.
Following the result the British Pound dropped 17 cents against the USD plunging to a 31 year low of 1.33 before recovering to 1.35 where it opens this morning.
On Tuesday European leaders meet for a scheduled two-day summit with some senior officials now pushing for the UK to trigger article 50, the untested procedure that governs how a member state leaves the bloc.
The Vix (a measure of market volatility) spiked 49% on Friday and as such markets remain very illiquid. Global central banks including the ECB, the BOJ, and the Federal Reserve have reiterated over the weekend that they stand ready to add extra liquidity if needed.
Global equity markets were a sea of red at Friday’s close - Dow -3.39%, S&P 500 -3.59%, FTSE -3.15%, DAX -6.82%, CAC -6.24%, Nikkei -7.92%, Shanghai -1.30%.
Gold prices are at 2yr highs closing out the week at $1,315 an ounce, WTI Crude Oil plunged on Friday down almost 5% closing out the week at $47.64 a barrel.
ends
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