20160623 – DAILY FX COMMENT

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EUR/USD 1.1350 1.1294   USD/ZAR 14.64 14.53
GBP/USD 1.4847 1.4689 GBP/ZAR 21.69 21.39
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GBP/EUR 1.3091 1.2989 S&P 500 2099 2084
USD/JPY 104.99 104.00 Oil (Brent) 50.91 50.31
GBP/AUD 1.9747 1.9574 Gold 1272.0 1259.0
        USD/NGN yesterday’s close   340
             
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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!!

 

 

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