by Martin Armstrong
Armstrong Economics
The majority of the volatility within Asia appears to be concentrated within the Nikkei and the JPY. The Nikkei opened around 1% lower as the currency gapped to the 103 handle, but by the afternoon session it recovered as JPY retraced. Shanghai really could not provide any guidance as that market continues to drift lower. Even in Asia, the consensus remains firmly fixed on BREXIT and even this evening’s address by Janet Yellen will be overshadowed.
Dealers were questioning today whether UK remaining within the EU has already had its euphoric rally, given the sway seen in recent polls and the markets reaction. Late this evening, the core safe-haven bids are receding (gold down $20 or 1.5% and bonds steepening back out, the DXY and its recent loss) all this and we are not a vote has been cast yet!