The Brexit crash begins

Massive moves across markets as it becomes obvious that Brexit has won the UK referendum:

US dollar ripping:

Yen too, euro not happy:

Chinese yuan crashed to new five year lows:

Developed market commodity currencies crunched:

Oil hit:

Gold surging despite the US dollar:

Pound pounded:

Base metals yawn:

Huge bond bid:

Shares monstered:

Short term panic then a very big problem for Europe and the world as the viability of the euro takes center stage given the result puts a rocket under secession movements across the Continent meaning:

• US dollar bull market;
• emerging market growth struggles;
• falling commodity prices, and
• more deflation.

Dunno if markets will price it right away or grind it out but it ain’t pretty.