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by Jonny Harris

UK referendum continues to hold the pound hostage

UK News

Another quiet day in the UK today with only the Trade Balance figures scheduled to be released. A slight increased is expected to be seen and hopefully the pound will rise slightly across the board after the fall this morning, on the back of no UK data. The weight of the referendum is beginning to show as 2 weeks today the final decision will be made.

The weekend before last, it looked very likely that we were going to stay within the EU and no questions were asked as to why this was the case. This weekend was a different story as the vote had a large swing and we now sit in a position where a leave vote looks more likely than it has done before.

EU News

German Imports and Exports were released this morning and the euro gained slightly against the pound. The Greek’s are set to payback their debt in the same weekend that the referendum is going to be decided. This actually looks as if it may be completed over looked due to the talks and markets concentrating solely on the UK referendum.

US and world News

A quiet day in the US today. Last night the Reserve Bank of New Zealand kept their rates unchanged at 2.25%. There were talks that these rates were going to be cut by 0.5%BP, but the decision was made that they would remain the same.

Morning Market Rates

GBPEUR 1.2705
GBPUSD 1.4465
EURUSD 1.1380