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White House Wrangling Dominates Holdiay Season Markets
With the government in partial shutdown already, fuel has been added to the fire by the Treasury Secretary’s ring round of the banks, an unexpected move that could add to volatility later in the week.
EUR/GBP: Brexit breakout could target .8000 or .8100 next
At the beginning of the week, we highlighted the massive market uncertainty surrounding the upcoming vote on “Brexit” (UK exit from the European Union), concluding that, “While it’s difficult to handicap the near-term price action, we’re inclined to look for more downside in GBP/USD given the ongoing uncertainty and bearish momentum. A close below 1.4080 would likely open the door for a run down to psychological support at 1.40, if not lower.” With the pair hitting a low near 1.3880 this morning, you could argue that even that bearish view was too conservative.
Brexit bloodbath drives GBP/USD to 7-year lows
Mark you calendars for June 23rd! Beyond representing one of the first days of Summer in the Northern hemisphere, that’s the date scheduled for the long-awaited “Brexit” vote on whether the UK will remain part of the European Union.
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