Market Talk – June 6th, 2016

by Martin Armstrong
Armstrong Economics

A mixed session out of Asia saw the Nikkei and Shanghai small lower whilst the Hang Seng managed a 0.4% rally. After Fridays surprise NFP release the JPY continued stronger, trading as low as 106.40. However, the big news overnight was about the shift in the upcoming BREXIT vote and the swing towards a possible vote to leave the EU. Sterling lost at one stage about 1.4% declining to 1.4350 just ahead of London opening. The European session was spent recovering much of that and we closed around 0.5% lower at 1.4440.
European equities failed to move that much today, ahead of Janet Yellen’s speech, with the exception being FTSE. That market reacted to the weakness of GBP and so rallied 1% on the day.

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