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  • $GBPUSD is consolidating around the 1.3800 - 1.3850 level today, around a nearly one-month low. The pair hit a fresh multi-year high in late February before falling lower amidst a resurgence in USD strength as yields continue higher. $GBP $USD https://t.co/i6g0gEq6jA
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  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.08% 🇬🇧GBP: -0.18% 🇦🇺AUD: -0.19% 🇯🇵JPY: -0.41% 🇪🇺EUR: -0.42% 🇳🇿NZD: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/768NGH3tot
  • #Gold just hit a fresh multi-month low as the precious metal dropped to trade around the $1,680 level. The metal broke through support alongside the rise in yields in February, falling from around $1,800 to its current lows. $XAU $GLD https://t.co/oJvQqE5gfR
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 3.35% France 40: 2.17% FTSE 100: 1.38% Wall Street: 1.31% US 500: 0.88% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/fLfJGdE5Hl
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  • $USDCHF has risen to fresh seven month highs today as the pair continues to trade above the 0.9300 level, at its highest levels since July of 2020. $USD $CHF https://t.co/spI5eIP3NM
  • Germany 30 IG Client Sentiment: Our data shows traders are now at their least net-long Germany 30 since Jan 09 when Germany 30 traded near 14,102.20. A contrarian view of crowd sentiment points to Germany 30 strength. https://www.dailyfx.com/sentiment https://t.co/kBUVfEOnTp
European Market Reactions as London Opens Post "Brexit" Decision

European Market Reactions as London Opens Post "Brexit" Decision

Oded Shimoni, Junior Currency Analyst

Talking Points:

- Currencies slightly balance on London open as desks go online

- “Risk off” flows seen across the board as the FTSE 100, DAX 30 open lower by more than 7%

- More than half of the FTSE 100 stocks failed to open for trade initially

Volatility is extreme with the Brexit results. Learn good trading habits with the “Traits of Successful Traders” series

European desks opened to a new reality today as the UK voters cast their votes and decided to “Brexit” from the European Union. The final results showed the “Leave” camp prevailed by 51.9% to 48.1% margin.

The market has seen extreme moves, and indeed “risk off” is apparently the order of the day. The FTSE 100 and DAX 30 both opened lower by more than 7% before stabilizing slightly after. This marked the worst drop for the FTSE 100 since 2008, and more than half of the stocks on the index failed to open initially. UK bank stocks took a major hit with Lloyds showing a drop of -30% while RBS was down -34%.

Currencies stabilized somewhat in the aftermath of some extreme moves as the British Pound and the Euro are seeing a bounce higher versus the US Dollar at the time of writing (The GBP/USD set a low around 1.32, while the EUR/USD traded near the 1.09 handle).

Yen strength has halted somewhat as well, while the sentiment linked Australian Dollar bounced from around the 0.73 handle.

Volatility is expected to remain extremely elevated, which might suggest that trading this environment should be approached with caution (if at all)

FTSE 100 (CFD: UK100) 5-Minute Chart: June 24, 2016

DAX 30 (CFD: GER30) 5-Minute Chart: June 24, 2016

GBPUSD 5-Minute Chart: June 24, 2016

EURUSD 5-Minute Chart: June 24, 2016

USDJPY 5-Minute Chart: June 24, 2016

AUDUSD 5-Minute Chart: June 24, 2016

--- Written by Oded Shimoni, Junior Currency Analyst for DailyFX.com

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

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