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    A test run for the Bremain outcome?

    What happened in the last minutes on the markets looked like a Bremain fire drill before the referendum results start coming this night.

    Apart from the natural reactions: positive on equity markets and on GBP (200pips in 5min?), negative on JPY as a risk-off currency we also had:

    • Gold dropping by circa 4$/oz (disappointing move given the scale of reaction in other markets - might be a sign that this commodity is loaded with anti-Brexit trades); Silver actually unable to reveres more than a third of today’s rebound
    •  Oil up by 40 cents/brl (helping CAD to see no correction after the sharp 
    • CHF showed a mixed reaction vs. EUR but managed to strengthen against USD(!) raising doubts if it can lose as much as the other ’haven’ currencies on Bremain
    • PLN (named one of the currencies most fragile to Brexit) recovered from a 3-figure losses vs. EUR seen earlier in the morning
    • EURSEK moved lower - confirmin our call that the krona’s appreciation potential could not translate to market value due to the referendum uncertainty. 
    • EURGBP volatile, but almost unchanged


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