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Post-Brexit: Week One

June 26, 2016
The UK choice to leave the EU on a 52%-48% vote is one of those moments that define before and after. It is true that there are examples of the EU not liking the outcome of a referendum and allowed a repeat, such as in the Maastricht Treaty or theEuropean Constitution Lisbon Treaty. Efforts for another referendum or a Scottish or Welsh veto do not…
Post-Brexit: Week One Post-Brexit: Week One Reviewed by Marc Chandler on June 26, 2016 Rating: 5
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Cool Video: Early Thoughts on Brexit Implications with FT's John Authers

June 26, 2016
About a dozen hours after it became clear that a slight majority of the British voters favored leaving the UK, the Financial Times' John Authers visited me at Brown Brothers Harriman  to discuss the initial implications. 
The situation is very fluid and there are many moving pieces.  In Chinese, the characters for crisis are "danger" …
Cool Video: Early Thoughts on Brexit Implications with FT's John Authers Cool Video: Early Thoughts on Brexit Implications with FT's John Authers Reviewed by Marc Chandler on June 26, 2016 Rating: 5
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Speculators Cut Currency Exposure ahead of FOMC, BOJ, and Brexit

June 25, 2016
The CFTC reporting week ending June 21 covers the day FOMC and BOJ meetings and ends two days before the UK referendum. The overarching theme was the reduction of exposure.  This is not measured by net positions but by gross positions.
Of the eight currencies we track, six saw a reduction of gross long positions and a six saw a reduction in the gr…
Speculators Cut Currency Exposure ahead of FOMC, BOJ, and Brexit Speculators Cut Currency Exposure ahead of FOMC, BOJ, and Brexit Reviewed by Marc Chandler on June 25, 2016 Rating: 5
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Now What?

June 25, 2016
The dramatic reaction to the UK decision to leave the European Union has changed the technical condition in the foreign exchange market.  While the precipitating factor is a fundamental political development, it is mediated by psychology.  Group psychology is the subject of technical analysis.  In the current context, the technical analysis puts t…
Now What? Now What? Reviewed by Marc Chandler on June 25, 2016 Rating: 5
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Brexit Sends Shock Waves Through Global Capital Markets Brexit Sends Shock Waves Through Global Capital Markets Reviewed by Marc Chandler on June 24, 2016 Rating: 5
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The EU and Turkey: Unvarnished Truth and Stuffing

June 23, 2016
In the vitriolic debate over the UK's membership of the EU, Turkey's potential membership became one of the talking points.  Prime Minister Cameron, who has advocated Turkey's eventual membership, is likely correct in his assessment that this that if it does take place, it won't be anytime soon.   
Turkey first applied forEU members…
The EU and Turkey: Unvarnished Truth and Stuffing The EU and Turkey: Unvarnished Truth and Stuffing Reviewed by Marc Chandler on June 23, 2016 Rating: 5
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