We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.

June 2016

Brexit campaigns suspended

Published: Friday 17 June 2016

  • Brexit campaigns suspended 
  • Countdown to EU referendum next week 

Our thoughts are with the family of Labour MP Jo Cox. Initial reports suggested that the attack may have been politically motivated and as such her murder appears to be linked to her position as a Remain campaigner. Both sides of the EU referendum debate have suspended campaigning. The Pound rallied aggressively as both campaigns were suspended and last night's Mansion house speeches were altered. 
Markets have been incredibly sensitive to opinion polls and analysis surrounding the EU referendum and with little data and with the vote now less than a week away it appears that traders have priced in a real risk of Britain leaving the EU. Only a couple of months ago that would have been unthinkable. What this means is that the risks are now 2 way and just as a "Leave" vote will trigger a dramatic collapse in the Pound, a vote to remain will see significant short positions unwound and an aggressive move higher for Sterling.
Today there is very little of note data wise and a day of range trading is likely. Mario Draghi and a bunch of European policy makers do speak later this afternoon however the focus will be in the UK and events next week.

Today's Major Economic Releases 

Market BST Data/Event Previous Expected
CAD 13:30 Canada: Core CPI m/m 0.2% 0.3%
CAD 13:30 Canada: CPI m/m 0.3% 0.5%
USD 13:30 US: Building permits 1.12M 1.15M
USD 13:30 US: Housing starts 1.17M 1.15M
EUR 16:00 ECB President Draghi speaks    

FX Research by Ricky Nelson
Daily Currency Analysis with Michael Hart

Back to the Top