Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
British Pound Soars as Polls Show Support for "Brexit" Ebbing

British Pound Soars as Polls Show Support for "Brexit" Ebbing

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound, Euro rise as polls show support for “Brexit” ebbing
  • Yen falls, commodity Dollars rise as market-wide risk appetite firms
  • European, US stock index futures hint risk-on trade set to continue

The British Poundsoared at the start of the week and theEurofollowed upward after new polling data released over the weekend showed ebbing support for “Brexit” at this week’s UK EU membership referendum. Survation reported a 45 to 42 preference for a “Remain” vote while an analogous poll from YouGov gave the status quo a 44 to 43 percent lead.

The outcomes likewise bolstered risk appetite. The sentiment-linked Australian, Canadian and New Zealand Dollars tracked stocks upward while the anti-risk Japanese Yen plunged. The likewise haven-linked US Dollar is also under pressure. Gold prices and US 10-year Treasury futures likewise swooned as capital flowed away from safety-seeking assets.

Looking ahead, the absence of high-profile event means sentiment trends are likely to remain at the forefront. Furthermore, it suggests there are relatively few stumbling blocks in the way to break existing momentum. Indeed, European and US index futures are pointing sharply higher, hinting that the risk-on mood is poised to carry forward.

Identify short-term FX trading patterns with the GSI indicator !

Asia Session

GMTCCYEVENTACTEXPPREV
22:00NZDWestpac Consumer Confidence (2Q)106.0-109.6
22:30NZDPerformance Services Index (MAY)56.9-57.8
23:01GBPRightmove House Prices (MoM) (JUN)0.8%-0.4%
23:01GBPRightmove House Prices (YoY) (JUN)5.5%-7.8%
23:50JPYTrade Balance (MAY)-¥40.7b¥70.0b¥823.2b
23:50JPYTrade Balance Adjusted (MAY)¥269.8b¥113.4b¥397.0b
23:50JPYExports (YoY) (MAY)-11.3%-10.0%-10.1%
23:50JPYImports (YoY) (MAY)-13.8%-13.8%-23.3%
5:30JPYNationwide Dept Sales (YoY) (MAY)---3.8%
5:30JPYTokyo Dept Store Sales (YoY) (MAY)---1.5%

European Session

GMTCCYEVENTEXPPREVIMPACT
6:00EURGerman PPI (MoM) (MAY)0.3%0.1%Low
6:00EURGerman PPI (YoY) (MAY)-2.9%-3.1%Low
7:00JPYConvenience Store Sales (YoY) (MAY)-0.9%Low
8:00CHFTotal Sight Deposits -493.8bLow
8:00CHFDomestic Sight Deposits -415.6bLow
9:00EUREurozone Construction Output (MoM) (APR)--0.9%Low
9:00EUREurozone Construction Output (YoY) (APR)--0.5%Low

Critical Levels

CCYSupp 3Supp 2Supp 1Pivot PointRes 1Res 2Res 3
EURUSD1.11191.11921.12351.12651.13081.13381.1411
GBPUSD1.39391.41271.42431.43151.44311.45031.4691

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES