Forex news for New York trading on Friday June 24, 2016:
- Brexit 'fall'out continues, US stocks close levels for the week
- UK PM Cameron's gracious defeat speech - full text
- CFTC Commitments of Traders report
- PIMCO expect Bank of England to cut to zero
- Gundlach does not expect the Federal Reserve to cut rates
- Moody's say their baseline is Brexit will cut US GBP by 0.1%
- Where is cable headed? Three banks with answers
- What we can learn from why and when cable bottomed on the Brexit vote
- Baker Hughes US weekly oil drilling rig count 330 vs 337 prior
- Markets are for survivors
- May 2016 French jobseekers 3520.3k vs 3506.0k exp
- UK's FTSE shows some British stiff upper lip after Brexit
- Tales from the Brexit battlefield
- Fed's George was scared off hiking rates by Brexit and US jobs
- Republic or Ireland will be fine after Brexit says S&P
- June 2016 US Michigan consumer sentiment final 93.5 vs 94.0 exp
- Blackrock's Watt says pre-Brexit GBP buying accelerated the market mayhem
- Canada's Trudeau says he's keen to build relations with both UK and EU
- US Fed says they are carefully monitoring developments in global financial markets
- Morgan Stanley start moving 2000 London staff to Dublin or Frankfurt
- G7 say they will cooperate as appropriate
- May 2016 US durable goods orders -2.2% vs -0.5% exp m/m
- Time to sort out the mess on the charts - What happens to the pound now?
- Japan's Aso: Kuroda says they are vigilant on FX markets
Just a quickie today ladies and gentlemen.
It was all about the Brexit reverberations continuing into the US timezone. Physical markets opened lower (the move was foreshadowed by overnight futures, of course) and the 3 major stock indices on the US have all closed lower for the week.
There'll be margin calls made to open next week, so the sell off may not be over yet. But, the weekend will potentially be a 'circuit breaker', so best to begin the new week with fresh eyes.
Back to today, we had US Durable Goods orders for May, a miss on expectations (along with consumer sentiment miss) that added to the dour mood.. Not that a beat would've likely had us turning cartwheels of joy. Nope. All about Brexit as I've said.
In the FX space, USD/JPY stabilised somewhat, while AUD and NZD continued their bounce from very early European lows. EUR/USD calmed somewhat also. As I update USD/CHF is barely changed on the session after a few wiggles on the session ... take note of this: SNB definitely have their fingers all over the intervention button
Gold pretty much flatlined, oil is little changed net on the session also.
And, so to GBP ... the big swings continued but to little net effect - its little changed net since UK traders shut up shop for the week (they gotta prepare for the move to Dublin :-D ).
