Market Talk – June 22, 2016

by Martin Armstrong
Armstrong Economics

A mixed session in Asia as the Nikkei could not escape negative territory, whilst Shanghai and the Hang Seng both provided positive returns. The Nikkei lost 0.65% while Shanghai and HSI gained 0.95% and 0.6% respectively. The JPY flirted with a 105 handle but was rejected and that rejection has gathered pace as European equities stabled after a mid-morning wobble but more importantly, ahead of the BREXIT vote tomorrow.

As we approach this day of destiny many asking what will the BOE do, if anything? You can expect moves in accordance with varying rumours, views and headlines in all sterling related markets. The BoE is unlikely to address any large currency move, on the day but will be more concerned about bank liquidity and providing its reassurance, if required.

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