Morning Markets: 'Remain' surge boosting risky assets

Market signals

Asian session

• Japan's exports fell for an eighth consecutive month in May
• Overseas shipments declined 11.3% in May from a year earlier,
• British voters will decide the fate of gold prices this week
  
• The GBP is becoming a barometer for risk sentiment
  
• Reserve Bank of India governor Raghuram Rajan to step down earlier than expected
  
• Rajan was under pressure for keeping interest rates high
• New Zealand consumer confidence fell to 106 in the June quarter, down from 109
• Japanese stocks post robust, 2%-plus breakout as risk returns
• SHCOMP slides lower on open, but afternoon rally sees green ink return

Forex ahead

• Euro gaps higher versus USD as Brexit fears wane
• Sterling tops 1.46 before retracing slightly as vote odds shift
• USDJPY gaps higher by 0.63 as risk-off trend dissipates
• Australian dollar rallies north of 0.7450 versus the greenback
• USDCAD sliding towards 1.28 as commodity currencies rally

From the Floor

Brexit countdown. “A lot of the gains are in the ‘undecided’ vote rather than the remain so the outcome is still very uncertain”, says Hardy

‘Bremain’ tilt. “Gold needs to get back above $1,300/oz to rekindle the excitement of last week”, says Hansen

Get all the latest from Saxo Bank's trading floors in From the Floor, within the hour.

In opinion

1..2..3
The 'leave the EU' campaign in Britain is bringing out risk-off sentiment in just about all trading markets, including the US, says James Picerno.

UK's global power
Such is the extent of Brexit, that the vote one way will have enormous ramifications for a number of currencies and commodities, as Saxo's Asia team explains.

All too often, politicians spend their time dreaming up complex interventions when the best options is usually to let the economy run its course, says Steen Jakobsen.

A look at the chart for Sweden's benchmark index shows that the the SWE30 is making lower highs and lower lows, and traders should look out below writes Johan Berntorp.

GBPUSD is on a run as UK bookmakers see the odds of a Remain vote strengthening in the final run-up to the UK's Brexit vote says Saxo's APAC SalesTrading Team.

Morning Markets goes out on the TradingFloor platform at 0700 GMT, Monday to Friday.
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