Happy Monday traders (if we can say the word “happy” after the Brexit vote from the EU referendum). Did you survive the immediate Brexit aftermath? It was certainly a rough weekend for those who were betting against a Brexit. Mr. British Pound (GBP) is being sold like there is no tomorrow and Ms. Japanese Yen (JPY) has become the ultimate safe haven.
The key question is: How low can GBP go on Brexit aftermath?
Brexit aftermath Kiana Danial Invest Diva
The markets are projected to remain volatile on the Brexit news. Moreover, we have Deutsche Bundesbank Import price index scheduled for 6 AM GMT as well as M3 money supply released by the European Central Bank at 8 AM.
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Later during the New York session the Goods Trade Balance is released by the US Bureau of Economic Analysis at 12:30 PM GTM. The PMI monthly Composite Reports on Manufacturing and Services is released by Markit Economics at 1:45 PM GMT, and ECB President Draghi Speaks at 5:30 PM which could create more volatility on the Euro crosses.
Brexit Aftermath : What’s Next?
While the uncertainty continues in the markets, key some analysts are calling to buy back in GBP and sell the Euro, as they believe the risk of a EU collapse is next on the menu. On the other hand, Brexit haters are calling for a dispute and hoping the UK can come up with a way to resolve the surprising outcome of the EU referendum. It doesn’t help that the winning camp is now backing down on the promises they made during their campaigns. People are furious.
Evidently, the markets will at some point correct themselves. But with too many questions still remaining unanswered, the correction could take its time.
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