High Low     High Low
EUR/USD 1.1299 1.1246   USD/ZAR 15.31 15.09
GBP/USD 1.4275 1.4122 GBP/ZAR 21.74 21.42
EUR/GBP 0.7974 0.7880 USD/RUB 66.22 65.24
GBP/EUR 1.2690 1.2541 USD/ILS 3.8715 3.8497
USD/JPY 106.43 105.62 S&P 500 2081 2072
GBP/CHF 1.3774 1.3598 Oil (Brent) 50.57 49.82
GBP/AUD 1.9329 1.9097 Gold 1285.0 1277.0

I think I am living on planet FAR FAR AWAY. Seriously The Sun newspapers headline this morning BELEAVE IN BRITAIN. Seriously!!!!

Ok take a step back. The Sun, News of the World all backed by Rupert Murdoch‘s News Corp. So let’s ask ourselves this question, what happened to News of the World (yes I know you know the answer), while as for the former, have you read the paper front to back, what articles stand out and who are the main readers of The Sun. You can make your own mind up as I am not here to pass opinion and comment. What I can say is there are indeed people out there amongst us that will follow what papers have to say because, they simply don’t know any better. Each and every newspaper has a right to voice their own opinion just like the paper I have referred to jumped from the Conservatives to Labour and back to the Conservatives. Truth is the major papers in the UK are pretty honest who they support and they STICK TO THAT PARTY through thick and thin.

What does surprise me though is, Mr Murdoch has an enormous investment in the UK (SKY/Times/Sun) and so it comes as a bit of a shock that they would risk financial woes by endorsing leaving the EU. From Cameron to Blair, Brown, Major, Corbyn and other major world leaders (including the IMF, World Bank, ECB, FED, and BoE) have all made it perfectly clear a LEAVE vote will damage the UK immeasurably leaving a black hole for a generation. GDP will fall, the GBP will collapse, Trade will slow, repercussions will be severe and the unknown will be too hard to bear. I would not even know where to start should we LEAVE the EU. Who is going to negotiate our new trade agreements with the EU, US, Asia and the rest of the world? How many years will that take? Do you honestly think the latter will simply say, hey UK welcome here are some juicy trade agreements? Canada has been trying for 7 years to negotiate a trade agreement with the EU and still they are nowhere near completion. What of the millions of people who live and work here? What of the millions of UK citizens that live in the EU, not to mention have holiday homes? What will happen to them? What will the Spanish, French, Italian and Greeks say to the hundreds of thousands of UK residents who have holiday homes? Trust me on one thing, should the UK vote to leave start HOARDING CASH because you will need it after your pension collapses, prices sky rocket, holiday’s become 20% dearer and your net income just went up in smoke. A little depressing isn’t it J

Already as I walked in this morning the GBPUSD had fallen from 1.4225 to 1.4125 while GBPEUR is down from 1.2658 to 1.2560 and counting. Volatility in GBPUSD continues to trade at levels not even seen during the financial crisis. GBPUSD 1m 27.50/30.50, 2m 21.00/25.00, 3m 18.00/22.00 – while GBP EUR vols Are 1m 24.50/29.00,  2m 18.35/22.65,  3m 15.45/18.90 – the levels are mouth-watering and the spreads are eye-watering. This is proper volatility and the kind of markets FX Option traders love to see…if they are on the right side of course.

I think by now you know which way I am leaning towards and that is my democratic right. I understand the reasons for the Leave camp wanting to LEAVE. But leaving the EU and giving up on the enormous potential we have REMAINING IN cannot be denied. We will lose big time if we leave. By REMAINING IN at least we have a chance to negotiate from the inside. No one likes an outsider and being an outsider will mean being treated unfairly. If people cannot see that then they deserve what’s coming to them. I am only sorry I have to live with their shocking decision, a decision that will not only affect me, but my kids and their kids.

What a great way to start the day!!!



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