EU Bullet Report | GBP Plummets on Grexit Fears

  • GBPUSD opens with a gap of 150 pips (200 at time of sending this out), after London Major Boris Johnson declared that he will be supporting a “Brexit” from the EU. Uncertainty ahead of the referendum on June 23 will have a negative effect on the GBPUSD.
  • GBPJPY opened at 160.50 vs. 162.00 on Friday evening, while EURGBP started the new trading week at 0.7785, roughly 60 pips higher from the previous NY close.
  • The commodity currencies extended their gains after Friday’s rally. AUDUSD climbed from 0.7140 at the open to a high of 0.7170, while NZDUSD rose from 0.6625 to 0.6655. USDCAD fell from 1.3785 to 1.3750 and is under renewed pressure as oil prices have bounced once again.
  • USD is favored since Friday, after data showed that US consumer price inflation accelerated in January by the most in 4.5 years, supporting the view that the FED could gradually raise rates.
  • Friday saw US indices close mixed with little changes. Today Asian stocks gained as OIL rose and JPY weakened. European Stocks this morning are expected to open positive too.
  • This week, G20 finance ministers and central bankers will meet in Shanghai, and will have a chance to calm markets
  • Data wise, there is plenty of data from the EZ and we start the week with PMI as well as German and French PMI and Italian inflation data.
  • GOLD is lower by $10 this morning to $1215 as the yellow metal was dumped as funds shifted some assets back into equities

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