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Currency Markets May Pause to Digest After Brexit Fireworks

Currency Markets May Pause to Digest After Brexit Fireworks

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound continues to sink as “Brexit” aftershocks plague the markets
  • Yen and US Dollar gain, commodity currencies gap lower at trading open
  • Risk sentiment trends may transition into corrective mode in the near term

Aftershocks from last week’s Brexit-inspired volatility continued to define currency market price action at the start of the trading week. The British Pound continued to underperform, losing around 2 percent against the majors. The sentiment-linked Australian, Canadian, and New Zealand Dollars traded downward while the safe-haven US Dollar and Japanese Yen dutifully moved in the opposite direction.

With the first act of the “Brexit” drama now behind them, the markets now face a long and uncertain path toward reckoning with the aftermath. This is likely to be measured in months and years, not hours and days. In the immediate term, this may translate into a short digestive pause after last week’s explosion of volatility. Still, European and US stock index futures are pointing sharply lower in late Asian trade, warning that risk-off momentum aims to carry forward.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Trade Balance (MAY)

358m

182m

326m

22:45

NZD

Exports (MAY)

4.57b

4.31b

4.30b

22:45

NZD

Imports (MAY)

4.22b

4.15b

3.98b

22:45

NZD

Trade Balance 12 Mth YTD (MAY)

-3633m

-3843m

-3624m

01:30

CNY

Industrial Profits YoY (MAY)

3.70%

-

4.20%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

08:00

EUR

Eurozone M3 Money Supply (YoY) (MAY)

4.8%

4.6%

Low

08:00

CHF

Total Sight Deposits (JUN 24)

-

496.4b

Low

08:00

CHF

Domestic Sight Deposits (JUN 24)

-

416.5b

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0123

1.0638

1.0877

1.1153

1.1392

1.1668

1.2183

GBPUSD

1.0397

1.2186

1.2933

1.3975

1.4722

1.5764

1.7553

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

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

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