TenkoFX - Analytics

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    Market volatility on the rise - ANZ Ross J Burland

    Analysts at ANZ noted that market volatility continued to rise overnight with equities turning lower by the middle of the session, VIX breaking out to a three month high, treasuries down, and gold up.Key Quotes:"There was little in terms of data to guide markets, however there were some aggressive swings. The morning session in NY saw some stabilisation of risk which proved to be short-lived. The GBP kept currency traders busy with three poll releases driving volatility.""The first turned out to be a month old and saw the GBP quickly round trip an initial move higher; the second poll showed about a 5 point lead for leave, which saw GBP fall about 100 pips. Finally, The Guardian misreported a poll, initially reporting a 6pt lead for stay which was revised to a 6pt lead for leave – another 100 pip swing.""Elsewhere in the currency space the JPY continues rally, trading around 106, while AUD is settling around 0.74. European equity weakness did not fully carry through to the US with Euro Stoxx down 2%, DAX down 1.8%, FTSE 100 off 1.2%, while in the US the S&P was down 0.8%. The VIX spiked to 19.36 ( 14%). Gold led commodities higher, up 0.8%, while an early oil rally sold off through the afternoon (with Brent closing -0.1%)."


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