Foreign Exchange Daily Market Update 27/06/2016

Mon, June 27, 2016

British Pound Sterling Falls To 31 Year Low Versus US Dollar

The aftermath of the U.K.’s vote to leave the EU continued to echo across financial markets, with the Pound prolonging its selloff near a 31-year low and European equities falling to levels last seen in February.

Sterling added to Friday’s record drop and the FTSE 100 Index retreated, weighed down by the prospect of months of uncertainty amid turmoil within the UK’s two major political parties and Scotland agitating anew for independence

The victory for Brexit slashed through world markets on Friday, pummelling the Pound and high-yielding assets as more than $2.5 trillion was wiped from global equity values. PM David Cameron resigned without spelling out when the U.K. intends to leave the EU and eight members of Labour Party leader Jeremy Corbyn’s team quit amid calls for his ouster.

The Pound fell another 1.6% to 1.3465 against the Dollar as of 8:07 a.m., prolonging Friday’s 8.1% plunge. The Euro weakened 0.6% against the Dollar, after sliding 2.4% in the last session. The Pound fell to 1.2021 against the Euro as of 10:25 a.m.

Data to look out for today.

Not Much Data Out Today

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