|USD/NGN yesterday’s close||353|
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So according to Mr Gove and Mr Johnson during and in the run up to the 23 June, the comments made by PARITYFX, FED, BoE, ECB, BoJ, IMF, World Bank, Mr’s Cameron and Osborne regarding the chaos and potential losses in the financial markets were and I quote SCAREMONGERING. Really!! Scaremongering perhaps I am wrong that GBPUSD traded as low as 1.2795 (from 1.5025) and GBPEUR 1.1587 (from 1.3158) at 10pm on 23rd June. Is that scaremongering or is that a fact. In addition 2 well know property funds (£10billion) have ceased trading and returning funds to the investors because of BREXIT fears. Behold my fellow UK citizens who voted LEAVE – THANK YOU SO MUCH FOR UNDOING ALL THE EXCELLENT WORK DONE SINCE 2008. You know what, I guarantee you when these LEAVE people suffer because their income has fallen and they lose their jobs, they will BLAME THE BANKERS because THEY are responsible for sending the GBP weaker. Always someone else’s fault. My holiday to Spain is now 15% dearer….and for what, why??
So, the GBP sank to a 31 year low, with fears mounting about the effect that the UK (decision to leave the EU) will have on the global economy. This has caused investors to flee high yielding assets again in search of safe haven status (Look at GOLD up over $125 since BREXIT). Yesterday we had the BoE Governor take steps to ensure that UK banks can keep lending with an amount of £150bn being mentioned. The Governor said that the Central Bank would lower the amount of capital banks are required to hold in reserve, freeing up excess money for lending as well as lowering interest rates in the coming weeks.
Honestly I would love to write more but I just can’t bear to write any more BAD NEWS. Pure sadness
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