June 2nd 2016: Pounds Levels after Brexit Scare

• This morning, the pound is on the rise after two days of selling sparked by referendum polls on EU membership narrowing. The EUR/ GBP looks set for another day of gains though.

• Elsewhere, the yen pairs continue to sell off, especially the AUD/ JPY which is suffering after retail sales dropped more than expected.

• Meanwhile, the US dollar is loitering around the highs, just as oil prices  remain within a day’s session of $50.

• Coming up today, we have Spanish unemployment change at 08.00.
• This is followed by UK constructions PMI.
• At 12.45 we get the latest ECB minimum bid rate, followed by the press conference at 13.30.
• US ADP non farm employment change is probably the main ticket at 13.15, followed by unemployment claims at 13.30.
• BOE governor Carney speaks at 14.00.
• OPEC meetings run throughout the day, with US crude oil inventories at 16.00.

Trade Idea: 

• The USD/ JPY’s reversal since Monday has been notable as it has arrived just as oil prices breach $50. With OPEC meeting today and US crude inventories due, we could see some further movement over the coming week.

• A good way to play this is a LOWER trade predicting that the USD/ JPY will close below 108.50 in 12 days for a potential return of 139%.

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