The markets are showing some relief today following days of heightened stress due to the probability of Brexit implied from polls and odds moving higher, to more less 40%.
The relief is also backed by higher than expected new credit in China. But in general, it is the vision of Fed confirming its not-that-hawkish approach today that is the most likely cause of the recent trends being reversed today.
That said the, if we look at the VIX index measuring the nervousness of the markets (VOLX on the xStation platform) then the fears have not abated much
The Brexit polls have also not shifted towards the status quo so we need to stay prepared for some more of defensive, risk-off play on the global markets. GBP so far up -.18% vs USD today
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