That’s right, today is the day and the United Kingdom will vote on a referendum to decide if it continues to be a part of the European Union. Brexit or remain? That’s the question. We are expecting a ton of volatility on the GBP and EUR throughout the day, and upon the release of results.
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<Breaking> So far the Japanese Yen has weakened across the board with the British Pound strengthening, resulting in a +300 pip hike in GBP/JPY.
Brexit or remain – EU Referendum on the mind
Brexit or Remain : How Would a Brexit Impact US Economy?
But what would the move mean for U.S. stocks, and our economy?
We’d be heading into uncharted territory.
The most immediate impact would likely be a selloff in stock markets worldwide, and here in the U.S. Investors hate uncertainty, and a vote by Britain to exit the EU would pose great uncertainty about the near-term future of the global economy.
Longer-term, as Fed Chair Janet Yellen said last week in her press conference, the vote “could have consequences for economic and financial conditions in global financial markets,” which could, in turn, affect U.S. markets.
More on the Economic Calendar
Other than this, we have other economic data released today, including French Flash Manufacturing PMI at 8 AM London Time (or GMT+1 or BST), German Flash Manufacturing PMI at 8:30 AM London Time (or GMT+1) and EU Flash Manufacturing PMI at 9 AM. RBA Assist Gov Debelle is due to speak at 9:15 AM London Time (or GMT+1) and US Unemployment Claims will be out at 1:30 PM London Time (or GMT+1).
Whether you are looking to trade the Brexit volatility today, or waiting for the results, I wish you the best of luck making pips by trading forex.
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