Pound, Euro Are Up Even As Brexit Nears
The National Bank of Canada | Jun 22, 2016 08:47AM ET
Last day of campaigning in the United Kingdom!
The United Kingdom has kicked off the final day of campaigning for tomorrow’s Brexit vote and surveys are showing that everything still remains in play for both camps. A survey for the Telegraph shows a 7% lead for Remain, while a second survey for the Times has Leave up by two points.
Nevertheless, investors appear to believe the status quo will prevail, and the pound sterling and euro are up 5% and 2% respectively against the greenback from their low point last week.
Today is shaping up to be a volatile day on currency markets and we’ll be keeping an eye on comments today by Stanley Fischer and Janet Yellen. U.S. Petroleum Inventory data will also be released at 10:30 this morning. It will be interesting to see whether the slowdown in U.S. petroleum production is being felt in terms of inventories, which remain close to all-time highs.
In other economic indicators, Canadian Retail Sales will be released at 8:30 this morning, with U.S. Existing Home Sales to follow at 10 a.m.
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