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  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.34% Silver: 0.20% Gold: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/v7anxjFIc7
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  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 0.30% Oil - US Crude: 0.27% Gold: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yJQE1QcM7j
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Brexit Impact on Global Financial Markets

Brexit Impact on Global Financial Markets

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Pound soars, Yen drops as polls show "Brexit" support ebbing
  • Financial markets may overlook RBA minutes, Yellen testimony
  • UK referendum threatens to unleash unprecedented volatility

The British Pound and the Euro soared after a set of polls released over the weekend pointed to ebbing support for "Brexit" ahead of the UK EU membership referendum later this week. Risk sentiment swelled, with commodity-bloc currencies and crude oil following shares higher while the Yen, gold and US Treasury bond futures fell in tandem.

While the week ahead offers a wealth of typically market-moving event risk - minutes from the last RBA meeting, testimony from Fed Chair Janet Yellen and flash Eurozone PMI figures are all on tap - investors are likely to be singularly focused on the UK's in/out referendum on EU membership on Thursday.

One-week implied volatility readings are grotesquely high across the G10 FX space and price action at the start of the week underscores the danger posed by Brexit-related news flow across the universe of assets. It seems prudent for traders to stand aside and watch the fireworks from the sidelines.

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

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