Article / 23 June 2016 at 23:32 GMT

US Market Wrap: Sterling rocks, rolls and rallies

FX Consultant / IFXA Ltd

  • UK Referendum on EU membership results 
US Data released :

  • Jobless Claims (Actual 259,000 vs. forecast 270,000) 
  • Markit Manufacturing PMI-June preliminary (51.4 vs forecast 50.8) 
  • New Home Sales change -May (Actual-6.0% vs previous 12.3%) 
  • CB Leading Indicators (Actual-0.2% vs forecast 0.1%)

FX markets were as noisy as a club at last call and like many of those club patrons, a tad unsteady. New York traders followed the lead of their European brethren, adding to and paring back positions while rain drenched Brits headed to the polls.

It should come as no surprise that GBPUSD was the liveliest currency pair trading within the widest band but when the day ended, Sterling was within .0010 of where it was when it opened. That changed at 2200 GMT.

The following chart for GBPUSD, USDJPY, AUDUSD and EURUSD shows price fluctuations every 10 minutes during the New York trading hours.

Forex price fluctuations
Source: Saxo Bank 

YouGov Released their quasi-exit poll, predicting Remain at 52% and Leave with 48%. GBPUSD spiked to 1.4995 from 1.4852, a sign of what’s in store.

Today's US data was mostly ignored. New Homes Sales slipped while Jobless Claims were lower than expected.

 Fasten your seatbelts, today is likely to be a bumpy ride. Photo: iStock


The FX markets are going to be frothy. Keep your browser open to for the best Brexit result insight, comments and trade ideas.
- Edited by Adam Courtenay

Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to engage with Saxo Bank's social trading platform.

Missed a day? Here’s what we had to say during our Asian session and our regular European Morning Markets, From the Floor and Mid-session Europe.


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