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Aussie supported by diminishing Brexit concerns

Monday, Jun 20 2016
The Australian dollar has moved higher in early Asian trade on Monday, boosted by opinion polling in the UK suggesting a lesser chance that the nation will vote to leave the European Union on Thursday and further strength in Chinese housing data released over the weekend.
 
“Markets being what they are, last Thursday’s tragic news of the slaying of UK MP Jo Cox, campaigning on behalf of the ‘remain’ side in front of Thursday’s EU referendum, elicited a strong positive response in all things Sterling, as well as supporting risk sentiment more broadly,” said Ray Attrill, global co-head of FX strategy at the NAB.
“This was on the view that the tragedy could have a material influence in swaying opinion amongst UK voters back in favor of staying in the EU.This snap judgement by markets received some validation in a ComRes poll for the Sunday Mirror published on Saturday night, and which was being conducted at precisely the time news of Jo Cox’s murder hit the news headlines. Before the news, 45% of those polled said they would be ‘delighted’ if the UK voted to leave the EU.
 
"This dropped to 38% of respondents polled after the news, while the Remain camp got a nine-point boost from those saying they would be ‘delighted’ if Britain stayed." The British pound gained more than 1 percent against the dollar in early Monday Asian trade, as momentum swung in favor for Britain to remain in the European Union just days ahead of a referendum later this week.
 
Aussie is currently being traded few points above 0.7440 level. Pair is likely to find support around 0.74 handle and resistance above 0.75 level. 
More in this category: « USD - Major events in the week ahead "Remain" campaign in a 3% lead »

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