My guess is Britain's future has to some degree been finalised with the exit. The uncertainty is with other EU nations coming out in force wanting to do the same. There's more for the EU to lose from the fall out so the markets front-running see Europe as having more downside risk.
Trade has been closed at 6075. Tidy profit, but not as good as I thought it may be EUR/USD is all that's left. Stop loss is at 1.1210 so still room to move. Want to see continued selling below 1.1100
Apparently George Soros took a big short position on Deutsche Bank: Source: http://www.bloomberg.com/news/artic...ed-deutsche-bank-would-drop-in-brexit-turmoil
BTW, you've got to love fails in automated news article generators :lol: http://breakingfinancenews.com/inve...ned-to-0-as-covered-today-by-jp-morgan/10664/
I wonder whether he's already sold his position. It's pretty telling of the future of the bank if Soros is confident in shorting it and shorting it over other European and British banks
I found it interesting that US bonds were keeping the dollar strong enough to nearly negate the initial spike in PM in terms of USD. Today the spike cannot be overcome. However if treasuries continue to be bid the USD will become too strong. The FED will have to do something to weaken the dollar. Helicopter money, negative interest rates, QE, I'm not sure what but PM in USD should be lifted by any dollar devaluation.
It seems that the IMF agrees with me http://www.zerohedge.com/news/2016-...k-poses-greatest-risk-global-financial-system
