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:
Gold surging despite the US dollar:
Base metals yawn:
Huge bond bid:
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.