Sterling has been dented by the risk of a no-confidence vote in Prime Minister Theresa May. Meanwhile, oil remains bid on persistent Saudi Arabian tensions, and the "old correlation" is back between yields and equities.
Squawk / 02 June 2016 at 8:02 GMT
Chief Economist & CIO / Saxo Bank
We are finally moving away from simplistic views on Brexit and on to the two real dominant themes embedded in the UK Brexit

1.) The fact UK staying in can be worse for Europe than in……
2.) The fight is not on Europe but on domestic power games – Cameron looks like history…. And so does the old fashioned Tory vs. Labor

Conclusion: The REAL event risk is post the June referendum……and the social fabric plus EU will be under attack creating EVEN more uncertainty and market risk

Trading: Short GBP is a “safe” position looking 6-12 month down the line…… either sell 1.5000 GBP call USd put @ 1.55 pips or do a 1.5000 no touch ( 3mos – if you want limited risk w. upside…) @ 40% (1.5 risk reward)…..


Brexit is no longer about the EU-it’s a British civil war
RichardP RichardP
It's about a significant reduction in the scale of the public sector. The EU is one of the obstacles standing in the way of this restructuring. This obstacle has to go if western European economies are to compete in world markets. They cannot carry huge public sectors AND compete.


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