After the yo yo effect last week following the inconclusive FED minutes, we started the week on a USD down day. I am not too surprised to be honest as I have been saying if the FED stick to what they have told us they will delay hiking rates. But what they tell us and what they do are quite simply 2 very different beasts. You see Pres. Yellen and her board members are obviously not in agreement about US rates and whether they should in fact be hiked in September. Personally if I was a board member I would vote to hold for now especially with the Nov US elections just around the corner. We should hopefully get a little more colour later in the week when Pres. Yellen speaks at Jackson Hole (to global Central Bankers). While I am sure she will dangle the carrot I doubt it will be edible. In other words, she will keep her cards close to her chest and let us keep guessing whether or not they hike or not. The data in the US has been ok and shows continued signs of an economy that’s in ok shape, however the same cannot be said for the EU/China and the UK. In fact the global economy is now facing a situation where the former is outpacing the latter group and that is no fun at all. It is for this reason I think we will next see a rate hike in December as intimated earlier this year. There is no rush. But having said that and having mixed with Central Bankers I kinda see why and how they would vote to hike rates in September. After all how much “damage” could a 0.25% hike really have….erm, lots!!! But they know that. So while the FED are split I think Pres. Yellens casting vote could in fact swing it her way (hike) and then sit back and see how the domino’s fall.

What this all means is if we do see a rate hike the USD will move like a bullet train on the back of asset allocation as traders and financiers move their assets heavily in favour of the USD. The hike would be a real boost signalling things are ok and the global economy can withstand and absorb a 0.25% rate hike. As far as the GBP is concerned, if you shut your eyes and sold the GBP when you walked in this morning and then opened them and decided to “take profit” I am afraid to say there would be none. The GBP dropped 60pips through the day and is back to trade around the opening levels. Seems Europe likes to sell the GBP and the US likes to buy it. Unless something silly happens over the coming days, all eyes will be on Friday and Pres. Yellens speech. So I think for this week the GBP will drive in a range between 1.3000 – 1.3200 awaiting further news on Brexit and Yellen.

Talking about Brexit, I mentioned Friday that negotiations will commence in 2017 (July onwards) and I guess someone in Whitehall must have read my blog because we now know that there is a big chance of that in fact happening. A year to get their ducks in a row and a year to prepare for “war”. The EU are unlikely to cede to the UK’s desires on trade and migration. The UK will try to muscle their way through the negotiations but if the Canada/EU negotiations are anything to go by I think this will be a game of chess. I wonder who will blink first.

Financiers businesses individuals and traders are all coming to terms with the new GBP rate. Before I go let me throw this at you. All the reports I am reading these days are saying that the catastrophe that will ensue if the UK voted OUT are actually not as bad as it appears. Stocks are at near year highs, businesses have not reported a collapse in trade and have simply passed on higher costs to the consumer who is happy to pay regardless. Inflation has ticked up as a result of increasing prices (to the satisfaction of the BoE). Granted the UK’s GDP is not into the 2% mark we have been accustomed to, but hey even at 0.60-0.8% I guess we can live with that. SO my question, if things are not as bad as they appear why can’t the GBP rally say back to 1.3500-1.38-1.4000 until the negotiations actually start. DO you see where I am going with this!! Funnier things have happened. Be prepared for the unexpected.

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The minutes from the FOMC were on the whole a “non-event”. Non-event in that there was not much information to confirm one way or another how the FED/FOMC will act on the 21^st September meeting. In fact there are some members of the FOMC who are now saying it is too early to raise rates again given the slowdown in China and Brexit consequences. How right they are!! While NFP for July showed solid employment growth I believe the FOMC members should be patient and wait for further strengthening activity from the US/China/EU and UK. The minutes stated that “regarding the near-term outlook, participants generally agreed that the prompt recovery in financial markets following the Brexit vote and the pickup in job gains in June had alleviated two key uncertainties about the outlook that they had faced at the time of the June meeting.” In other words the members were not willing to stick their necks out and give the US economy the all-clear for the September rate hike.

The result of the minutes sent the USD into somewhat of a freefall sending the EURUSD above 1.13 and GBPUSD 1.31 (GBPEUR back from the abyss to trade circa 0.8625/1.1600). I think over the coming weeks we are likely to see much of the same with the greenback trading soft as a result of the inconclusive rate hike decision in September. Granted it will be a very interesting meeting that day and a rate hike will be a serious call by the FED that the US economy (and global economy) can withstand and accept a US rate hike. Whether that is right or wrong will only be known in the months that follow as the financial markets digest further US rate hikes.

Already December is being pencilled in as another potential date to hike rates, so I think I would be quietly confident that a September rate hike will be followed by a December see how the hike filters through before recommitting to another hike.

The FED have made it clear to us all that their hike path is both US and global data dependent so a growing US economy vs slowing global economy will surely give the FED some food for thought.

For now then the GBP is likely to follow the USD’s path and trade above 1.30. We know that the negotiations on Brexit will only start at the earliest late 2017 so really between now and then it’s business as usual. In fact it would not surprise me if we saw the GBP rally some more especially into the FOMC September meeting.

Wishing you a good and pleasant weekend

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Now Now, let’s not get too excited. Yes CPI has gone up to 0.60% (yesterday) and the GBPUSD rallied on the back of it. Under normal circumstances traders would be doing high 5’s with the BoE that a rate HIKE is coming. Unfortunately is this instance it was probably a low 5 as BREXIT (as predicted and mentioned repeatedly by ParityFX ahead of the referendum) has forced up prices (oil, fuel, clothing) as retailers have had to pass on the higher cost of manufacturing to the consumer. Once again let me say a big thank you to all those who voted leave…you are now poorer. But it will not stop there, this recent 24 hour rally in the GBP has already lost steam and we are teetering with 1.30 again. Basically as you know the BoE have been looking to hike rates (pre 23/06) and were looking for CPI to rise giving them firepower to raise rates. What they never counted on (including me) was 17.4 mio people voting leave.  All the hard work that the Chancellor and BoE have put in since 2008 simply went up in smoke. Already we have seen one UK rate cut and there is further chatter that a further rate cut is needed to stimulate the economy. I would expect the Governor to hold off cutting until such time that the BoE have a better idea on how the UK economy is fairing post Brexit. In other words waiting until at least Q2 and Q3 data is at hand before committing (Novemberi’sh). In-between now and then rest assured the GBP will in all likelihood take another battering in the FX markets.

Tonight the FOMC publish their minutes from their July meeting and it will be very interesting to hear the rhetoric from President Yellen given that many commentators are calling for a rate hike as early as September. While recent NFP would suggest that the US economy is growing nicely the scope to raise US rates is warranted, it is the global economy that must be a serious worry for the FED. You see China is still showing signs of economic weakness, Canada cannot agree with the EU, the UK has voted Brexit, and the EU is like a fish out of water. While in an ideal world the FED can act alone for the benefit of the US economy, that is certainly not the case now and any further rates hikes in the US could hurt the economies they trade with thus slowing the US economy as a result. Of course this is something Yellen and the FED members can ill afford or want considering the events of 2008. So one has to ask, would another 0.25% rate hike really hurt that much? The simple answer is probably no, but then again psychologically it could be very different in that the flow of capital flows more towards the USD and USA rather than say China, the EU or the UK. I hope you get what I am trying to convey. It is a real gamble notwithstanding the “little” event in November when a new US President comes to power. Considering the 2 incumbents you HAVE to think the best option (and only option for that matter) is to vote for Ms. Clinton. But after the 23^rd June fiasco I have realised the people are strange sometimes and vote on the back of lies and deceit. Unfortunately once the dust has settled it’s too late to reverse your “x”. Best Americans think long and hard what kind of America they want on the 9^th November.

All this has led to the USD taking a bit of a bath over the past 24 hours as you can see the highs in the EURUSD and GBPUSD. Oil has managed to climb a USD or so but I’m not getting too excited. What do I think will happen now, well A LOT DEPENDS on the FED minutes tonight as an indication on what they are planning (or not) re US rates. This will then have a knock on effect on the USD, stocks, and money markets. In other words watch the news tonight.

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BREXIT PLAYING GAMES. After a short term rally on Friday that saw the GBP rally past 1.30, the euphoria popped and the GBP fell like a stone over a big figure as BREXIT consequences gripped yet again. I read yesterday that PM May is likely to delay BREXIT until at least 2019 (a year before the general elections) as she feels they simply don’t know where to start the negotiation with the EU on the terms of the exit. This is nothing new given that both Boris and Gove admitted they too don’t have a clue what the shape negotiations will take and how they will be concluded. What we do know and this I think is a certainty is if the UK want the same trade terms they currently enjoy, they will have to allow the free flow of migrants in and out of the UK. That will anger many people that voted leave. You cannot have your cake and eat it. The EU will never allow that as it will be a vote of no confidence within the EU and that is something they can ill afford. Already we have seen negotiations between Canada and the EU almost at breaking point and the EU made it clear to the Swiss recently that if they want to remain in the EU they too have to allow the free movement of migrants (something the secretive Swiss will not like to say the least). So all in all things are not looking good. I have a feeling the negotiations will be fraught with difficulties and negativity until someone throws on the towel and accepts the terms that are on the table. However what those terms are currently simple guesswork.

There has been additional chatter that interest rates might have to drop again to 0.00% to further boost the UK economy. Honestly, I think the opposite should happen and Carney should raise rates. While this could add pressure on an already fragile economy, perhaps it will slow down the demand for cheap money which as we all know led to the financial crisis of 2008.

The point I am trying to make is the BoE should make it tough for banks and corporates so that they tighten their belts and invest their current assets and workforce in improving their sales. The UK electorate’s spending habits have already changed and people are going to be a lot more wary when deciding to invest large chunks of their capital. We are certain of one thing, the UK economy is heading into the roaring 40’s and screaming 50’s (these are strong westerly winds in the South Hemisphere) and we all have to tighten our belts because rest assured things are going to get tough. I am sorry to say but those who voted leave have themselves to blame for any financial hardship that comes their way and they have no right to blame the government OR ask the government for financial help. In fact the government should immediately start withholding benefits and pensions to fill the massive £60-£80bn black hole that will be left void as a result of the exit from the EU (yes I am still angry and saddened by Brexit).

The GBP opens pretty much where we left off on Friday, weak and tipsy. It looks like there is more weakness to come and the market remains short GBP on all fronts. Not that I know anything, but it is my sincere hope that in the coming weeks as importers continue to battle ahead with the high cost of doing business abroad (selling £ to buy foreign ccy), the BoE and government will come out with something that gives the GBP a boost in the short –medium term. While the BoE will not actively intervene to prop up the GBP, there is verbal intervention that I am hoping for. Just a dream, absolutely, but hey let’s hope this dream comes true in some way.

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So it looks more and more likely that the US FED will raise interest rates at their 21 September meeting. Friday saw NFP numbers confirm that the US eco0nomy is indeed flourishing with 255k jobs created. This is exactly what the FED were hoping for and they got their wish.

As a result of the “perky” NFP numbers the USD rallied as did stocks. In fact, Asian equities climbed towards one year highs, while the FTSE climbed to the highs of 2016.  Don’t be confused here with Brexit consequences. While Brexit WILL have an effect on the US economy the anticipated rate hike in the US is a global stocks shot in the arm. Despite Gov. Carney lowering UK rates, the US economy is really what everyone really cares about so a rate hike is a sign of a prosperous economy and that means stocks rally globally.

While things are looking good in the US, the UK’s labour market is not faring well. The UK report on jobs described somewhat of a freefall in the UK job market in July with permanent hiring falling to levels not seen since 2009. It is no wonder then the BoE cut rates and expanded its Asset Purchasing Facility to try boost the economy. It will take some time to see the true effects of Brexit once corporate earnings are published as well as the 3Q GDP that will then include Brexit. While the major banks located in the UK have not started to pull their people out just yet (it’s too soon) I am certain that with time they will see the advantages of locating within an EU member state and this will mean local employees will have to start moving east if they want to keep their jobs. Having said that, wages are higher in the UK than in mainland Europe so these same employees will likely have to take a wage cut if they want to keep their jobs. While I have not heard of this starting to happen just yet, talk has begun and banks will start to make their moves in the coming months.

China stills shows signs of weakness as July’s trade data was weaker than expected with imports falling markedly. Major commodity imports fells in both volume and value terms in July which shows just how fragile the economy remains. Cast your mind back, Pres. Yellen of the FED made it clear that a rate hike is both US data dependent AND global data dependent. So while I note above the strong US NFP data on Friday boosted the chances of a rate hike in September, the FED futures currently stands at a 30% chance of that happening. While the US economy can withstand a rate hike, the FED need to be sure that the hike does not tip the global economy into a recession. There has been lots of talk in the UK of that happening as manufacturing PMI and wage growth already showing signs of clear weakness post Brexit. The way to stop this is call another referendum and see what happens given people now have the full picture and aware of the lies the LEAVE camp used to convince people how to vote. I certainly hope PM May does just that and calls for another referendum early next year.

In the meantime I am afraid to say the GBP continues to teeter on the edge trading on the low 1.30’s vs the USD and breaking 1.1765 (0.8500) vs the EUR. In layman’s terms things are looking pretty grim. I just cannot see how things are going to improve especially with talk the BoE might have to cut UK rates again to 0.00. Prepare for negative interest rates.

Have a good day

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Another week another round of rumours.

This week sees the publication of the US NFP (labour/employment) numbers. Most commentators are pointing to a US rate hike in September (economic data dependent). While China is still showing signs of weakness (PMI numbers disappointed again) the FED has indicated they are more concerned about US data rather than global data…really? That’s a change of heart!! I have said that the US must only raise rates if they think the US data is sustainable and continuous (and global economic conditions) rather than one good months followed by a disappointing month followed by a good one etc etc. Additionally with US elections looming and both candidates being rubbished in the news the FED must tread carefully. I am still in the dark as to Trump’s foreign and domestic policy and Clinton has her issues too regarding the email saga (which can only be described as clutching at straws).

I wonder with Brexit now a month in, it will be interesting to see how the data starts to come out. The UK’s GDP numbers were pre Brexit so now we have to wait and see what the numbers look like for July and how the negativity surrounding Brexit is hitting manufactures and retailers alike and consumers spending their cash.

FX rates continue to trade sideways for the most part. GBPUSD ranging 1.30-1.33 while EURGBP 0.8350-0.8450 and EURUSD 1.0950-1.1250. Until we get a definitive confirmation on Friday that US labour market is indeed growing and sustainable one cannot help but think currencies will trade within the range. Stocks are thinking the number will be good given the recent rally, then again things can change at the drop of a hat. We saw this only too clearly in June. So let’s all be a little careful not to get too excited just yet.

As an interesting note, I am currently in Spain on vacation. Speaking to local agents, they have told me (and I have seen) the Spanish economy is well on the road to recovery and King Felipe VI has nominated Mariano Rajoy of the PP to form a government. This is seen as pretty positive. Property prices in Spain (Costa Del Sol) are up over 20% over the past year and with the drop in the GBP UK citizens looking to purchase in Spain are being hit hard. Nevertheless agents are telling me this has not stopped UK buyers entering the Spanish market with a view to moving to Spain. With holiday hotspots the victims of terror attacks families are coming to Spain in their hundreds of thousands further boosting the economy. In fact our favourite Pizzeria in Elviria is now heaving from 7.30pm…which I have never seen before. No doubt the recent terror attacks in the mid east, France and Turkey have had a severe effect on the local economies.

Have a good day   

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The FED released their minutes from their JUNE meeting and surprise surprise the rhetoric made it pretty clear that the delay to a US rate hike was the result of the upcoming UK referendum and uncertainty surrounding the result. The FED noted that the UK’s referendum was making it difficult for the FED to raise rates in spite of their expectation of a rise in inflation over the coming months. The members noted that rate hikes are still data dependent and especially made reference to the labour market following the recent disappointing NFP numbers (June +38k). With the elections due in November I think the FED will in all likelihood hold off hiking until December at the earliest regardless of any respectful change in NFP. I say that because rate changes could affect (in some way) the way people vote and while the FED is independent of the White House, they would prefer to tread carefully so as not to upset the applecart. No doubt the FED members will be keeping close tabs on tomorrow’s NFP (expected +175K). One could argue that the expectations as we saw in June could be vastly different (June expected +164K and printed +38K).

With regard to the UK referendum (remember the meeting was held pre 23^rd June) the minutes noted “considerable uncertainty about the outcome of the vote and its potential economic and financial market consequences.” Additionally the members noted they “would closely monitor developments associated with the referendum as well as other global economic and financial developments that could affect the U.S. outlook.” Suffice to say the FED were concerned about the spill over effects in the event the UK vote LEAVE…so with that now confirmed the FED are probably steaming up and down the corridors scratching their heads and wondering why this happened. Already the USD has seen a move that could see EURUSD head for PARITY by year end and this will add pressure to the US economy given the strong USD and the effects on corporates exporting abroad. Certainly NOT the result they wanted (or expected) and as I wrote yesterday their words were by no means scaremongering…they were facts and true to life concerns. Agh!!! If only people listened.

As for our beleaguered GBP. Down in the dumps. I read a story this morning that people planning their vacations are opting for “All Inclusive” deals because of the extra costs associated with their holidays. GOOD I HOPE THEY STAY HOME. Yesterday was another terrible day for the GBP falling to 1.2795 at one stage before recovering this morning to trade at 1.2950….not that that recovery is likely to last as pressure is already mounting and the GBPUSD is trading heavily. The market is definitely SHORT GBP overall and I expect further deterioration in the GBP until we see “a player” (be it a CB, BIS, funds) start to hoover up the GBP and sending all the shorts to cover their positions. The overall sentiment remains the same. Until we hear some rhetoric from the new PM (Ms May we hope) as to how the UK will deal with the EU (and others) and whether Article 50 will be declared, let’s assume things will remain volatile and uncertain. Honestly with Gove (the backstabber) and Johnson (the mouse) and Farage (Pinocchio) I would RELISH and jump for joy if May said to hell with it, now the cats out the bag lets have ANOTHER referendum and see what happens. I suspect people would vote somewhat differently now they know the lies that were fed to us. AGH!!!!

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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 23^rd 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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FIRSTLY APOLOGIES FOR NOT WRITING THIS COMMENT OVER THE PAST WEEK

So here we are, the electorate has voted with their heads (rather than their heart) and we are exiting the EU. Shameful, sad, disappointing, upsetting, wrong, and catastrophic.

ParityFX (the FED, BoE, ECB, IMF, World Bank, heavy weight corporates) was not scaremongering when we said the GBP will collapse if LEAVE wins. As things stand the GBP has dropped 13.50% vs the USD and 9.75% vs the EUR…and counting. We have been asked several times if this is likely to continue and the simple answer is yes, we are going to suffer more. The Chancellor has given up on his promise to have a budget surplus in 2020 and has indicated that he will be looking to cut corporation tax to 15% (no timeline) to continue attracting business to the UK (good luck with that). The BoE has hinted they are likely to CUT UK interest rates (by 0.25%) at their meeting at either the 14^th July/04 August meetings and pump whatever liquidity is required into the market. I am sorry to say, that despite the best efforts by the Chancellor and BoE, the UK economy is likely to lose between 1.50-2.00% points on our GDP. All the excellent and hard work over the past 8 years has just been flushed down the drain. From being one of the top 3 fastest growing economies (amongst the G20) we are now BELOW GREECE!!! And that my friend says it all.

I cannot for the life of me explain what people were thinking. In fact we know that what swayed the vote, the LEAVE vote exercised by the over 65’s. Thank a lot. What about the “new” generation, did they not care about their future…obviously not. Chancellor Merkel told the Swiss yesterday that if they want to remain in the EU they need to allow the free movement of labour. The Swiss allowing free movement of labour now that will be something to behold.

If the UK think they will be able to muscle the EU into entering into a favourable trade conditions and at the same time limit free movement of people, then we are in for a shocking surprise. Already the 2 big LEAVE stalwarts (Johnson and Farage) have quit leaving someone else to pick up the baton and deal with the EU. It is like getting away with a drive by shooting. It is disgraceful. We should have ANOTHER REFERENDUM NOW and see how the electorate vote after all the lies and departures. These 2 should never be allowed to hold a public office ever again. Do they care, not on your life.

If fact as I write this comment the GBP has fallen another 50 pips at the open as traders batter the GBP. I really cannot see how we are going to come back from this. I think the consequences will continue to reverberate globally and the big winner ultimately will be the USD which is now likely to hit PARITY vs the EUR and wait for it, there is now talk the GBP too will hit PARITY vs the USD. While this all means UK exporters will receive more GBP for goods priced in USD and EUR, importers will be heavily hit and I am in no doubt looking to see prices start to rise as price hikes are passed onto the consumer. So all you LEAVE voters, WELL DONE your income just collapsed. Furthermore it would not surprise me to hear the Chancellor move the pension age even further out and cut benefits. After all we are heading back to austerity.

I cannot begin to tell you has sad I am right now. I was so confident people would vote REMAIN and continue to enjoy the healthy lifestyle we have been accustomed to over the past few years as business grows. Now I am afraid I am worried, VERY worried. I truly do not know how the EU and the rest of the world will deal with the UK (if we can call it that after Scotland call another referendum and this time vote to leave and join the EU).

So BREXIT, CAMERONEXIT, ENGLANDEXIT, JOHNSONEXIT, FARAGEEXIT, LABOURJOKEXIT, CONSERVATIVESHOPEEXIT, GBPUSDEXIT, GBPEUREXIT and finally MY EXIT

Have a good day and enjoy your summer holiday in the USA, Europe, or anywhere else foreign – it just cost you over 10% MORE. Nice!!!

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THE DAY OF RECKONING HAS ARRIVED

IT’S PRETTY MUCH NECK AND NECK IF YOU TRUST THE POLLS

THE TIME TO PUT PEN TO PAPER HAS ARRIVED.

WILL WE STAY OR WILL WE GO.

From the politicians to business leaders and you and I the facts (and lies) have been laid out for the electorate to decide. I saw my GP yesterday (don’t worry I am ok) and we of course invariably discussed today’s referendum. He is voting LEAVE. I asked him why given the expected financial consequences and he replied because the NHS is a mess and needs cleaning up. He told me a story of one of his patients who hails from Poland. His mom needed a shoulder operation and back home it would have cost £10,000 (not quite sure why she would have to pay when citizens get free medical assistance – guess he forgot to add this when telling the story). So what he did was move his mom over to the UK to live with him for 6 months. After this she walked into her local hospital, was seen by the A and E doctors and of diagnosed her shoulder issue. Suffice to say she was booked in for the operation (which went smoothly) and she was discharged. Following her recuperation period, yes you guessed it, she jumped back on a plane and went home. Now may I say how exceptional the NHS are and I applaud the doctor’s nurses and surgeons. THIS IS WHAT MAKES THE UK GREAT!! Whether or not you agree it is right or wrong, at least the sweet old lady is now healthy and able to play with her kids and grandkids. Of course we all know that EU citizens come to the UK and get NHS help for free. But that is a UK POLICY not an EU policy. If I went to Spain, Germany, France etc, and I wanted this procedure I would have to pay!! Simple. So here is an idea, GOVERNMENT officials, pass a law that changes how people can use (and abuse) the NHS and problem solved. If the lady above had to pay for her operation in the UK, she would have weighed up who she thought would take better care of her. It would have been a simple decision.

G7 finance leaders will issue a statement stressing their readiness to take all necessary steps to calm markets if Britain votes to exit the EU (Reuters). The IMF, World Bank, ECB, Chancellor Merkel, President Hollande, President Obama, FED Chairwomen Yellen and our own highly respected BoE governor Carney (to name but a few) have all voiced their concerns over Brexit. These are respected politicians and central bankers. Their comments can simply NOT be ignored. After all they run some of the biggest economies globally and know a thing or 2. While the NHS and immigration are real issues for the UK, the UK has the power to change things so that it suits our country. Politicians and MP’s from both sides should get together and work towards a fair legislation that restricts immigration and allows access to the NHS for people who have the right to use the service (everyone else simply has to pay).

Polls close at 10pm tonight and the first results should start trickling in from midnight. The final results are expected between 7am-10am tomorrow I believe. I expect the GBP to trade sideways to slightly stronger until the results start coming in. For once, I sincerely hope the polls (latest ones) are right AND THE UK ELECTORATE VOTE TO REMAIN IN THE EU

FOR MY SAKE, OUR SAKE, MY KIDS, YOUR KIDS, OUR FAMILY, FOR OUR FUTURE

VOTE REMAIN!!

DISCLAIMER

Any financial promotion contained herein has been issued and approved by ParityFX Plc (“ParityFX”); a firm authorised and regulated by the Financial Conduct Authority (“FCA”) as a Payment Services Institution with registration number 606416.  It is for informational purposes and is not an official confirmation of terms.  It is not guaranteed as to accuracy, nor is it a complete statement of the financial products or markets referred to.

Opinions expressed are subject to change without notice and may differ or be contrary to the opinions or recommendations of ParityFX. Unless stated specifically otherwise, this is not a recommendation, offer or solicitation to buy or sell and any prices or quotations contained herein are indicative only. To the extent permitted by law, ParityFX does not accept any liability arising from the use of this communication.

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