- GBP is today’s weakest major, paring gains made during yesterday’s explosive moves. GBP/USD is today’s biggest mover at -0.74% and EUR/GBP the biggest gainer at +0.65%. Traders now look towards today’s vote where a delayed Brexit appears to the be the likely outcome.
- AUD is the second weakest major, weighed down by a slightly stronger greenback and weaker commodities surrounding mixed China data. Retail sales met expectations and fixed asset investment data beat, whilst industrial production fell to its lowest rate since 2002 of 5.3%. That said, by adjusting the data to remove the ‘lunar effect’ (by averaging Feb and March data) it comes in at 5.5% YoY, so not a multi-year low.
- USD is today’s strongest major, allowing DXY to trade cautiously higher after its worst close in 6-weeks. US10Y sits around 2.63% after printing a small-bullish candle yesterday (over the near-term we remain bearish below 2.675). Gold and silver retreated from their highs, although their structures remain bullish.
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