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Daily Market Review – 21/06/16

Risk has clearly been put back on table for traders and they are exhibiting signs of a large appetite. The GBP The GBP The GBP is the official currency of the United Kingdom. The GBP is a major currency and currently ra... More is the official currency of the United Kingdom. The GBP is a major currency and currently ra... More has gained a large amount of value the past twenty-four hours. Sentiment has clearly started to converge on the notion that the U.K. will vote to remain in the European Union on Thursday. Obviously there is nothing that will prove this belief until the outcome of the Brexit referendum, but recent polls have been enough to sustain the GBP to higher levels and bust through short-term resistance When investors and traders use the term resistance When investors and traders use the term resistance When investors and traders use the term resistance, or resistance level, they are often speaking abo... More , or resistance level, they are often speaking abo... More , or resistance level, they are often speaking abo... More fairly steadily. Traders must make sure they watch out for reversals if some institutions opt to take profits on short-term trades. The U.K. will release CBI Industrial Order Expectations this morning, but it is all about the Brexit for traders of Sterling The GBP is the official currency of the United Kingdom. The GBP is a major currency and currently ra... More .

JPY The official currency of Japan is the JPY The official currency of Japan is the JPY which is also knows as the Japanese Yen The official currency of Japan is the JPY which is also knows as the Japanese Yen The official currency of Japan is the JPY which is also knows as the Japanese Yen to investors and t... More to investors and t... More to investors and t... More which is also knows as the Japanese Yen to investors and t... More has lost some momentum also the past day, this has occurred as Asian investors are taking money out of safe havens and clearly putting wagers on Indices and stocks. The USD The USD The USD is the official currency of the United States of America. It is the largest reserve currency... More is the official currency of the United States of America. It is the largest reserve currency... More has lost traction to nearly every other major currency the past day, but the JPY has not been part of that move against the Greenback The USD is the official currency of the United States of America. It is the largest reserve currency... More .

Germany will release its ZEW Economic Sentiment reading also this morning. The EUR The EUR The EUR is the official currency of the European Union. Presently 19 out of the 28 collective  nati... More is the official currency of the European Union. Presently 19 out of the 28 collective  nati... More has also put in some nice gains against the USD. The Single Currency The EUR is the official currency of the European Union. Presently 19 out of the 28 collective  nati... More has not gained at the same pace the GBP has versus the USD, but the EUR/USD is nevertheless an interesting FX pair to pay attention to because it stands to reason that a pro-European result via the Brexit vote in the U.K. on Thursday will be positive for the E.U. too.

Fed The Federal Reserve The Federal Reserve is the Central Bank of the United States of America and sets the monetary policy When used by traders and investors monetary policy When used by traders and investors monetary policy When used by traders and investors monetary policy usually refers to Central Bank policy concerning ... More usually refers to Central Bank policy concerning ... More usually refers to Central Bank policy concerning ... More ... More is the Central Bank of the United States of America and sets the monetary policy... More Chairwoman Janet Yellen begins her Congressional testimony today in Washington, D.C. and will give an introductory comment before taking questions from the Senate. Her comments will be listened to carefully for any potential surprises or changes in tone. The Fed The Federal Reserve is the Central Bank of the United States of America and sets the monetary policy... More does not seem as if it is in good position to raise its interest rate in July, even if the U.K. decides to stay in the E.U., this because economic data from the U.S. remains rather unimpressive.  Existing Home Sales and Crude Oil Inventories statistics will be released from the States tomorrow. Janet Yellen will also continue her monetary policy engagements via the House of Representatives on Wednesday.

Wall Street and most global markets for stocks put in gains on Monday. The Nikkei in Japan extended its gains early this morning. Traders need to always remember the markets are seldom a one way avenue, but short-term sentiment certainly looks intent on continuing to increase risk appetite today.

GBP/USD chart this morning approximately 7:45 GMT, 21 June 2016

GBP/USD chart this morning approximately 7:45 GMT, 21 June 2016