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Brexit, Grexit or a non-event…. Do we really care?

Good Morning,

 

Happy Friday….

 

Yes, it’s been a short week due to the public holiday on Monday, but boy, it sure has been an eventful one…..

 

Not for the right reasons…

 

This afternoon, we are heading to Warburton for an overnight hike (even though it’s about 2 degrees) but there is nothing like getting some fresh air ..…

 

if we don’t come back, you know where to find us…

 

Maybe we can come back just in time for the “Brexit” or a “Grexit” or a non-event?

 

Do we really care?

 

Well… markets do… and we expect focus over the coming days to be on Britain and whether they will stay or go…

 

If they stay, markets will rally and we will see the GBP/USD rally strongly………..

 

If they go, expect to see the index down trading around 4,800 level, which will present good buying opportunities …

So what happened last night?

US stocks rebounded, with the S&P 500 Index halting its longest losing streak since February, amid shifting speculation on whether Britain will remain in the European Union.

Equities recovered from a 1 per cent selloff as both sides suspended campaigning on whether Britain should leave the EU after Labour Party lawmaker Jo Cox was murdered while she met constituents in her electoral district. She was in favour of remaining in the EU, fuelling speculation voters will be more likely to choose remain in next week's referendum.

Europe's index futures were little changed, after politicians suspended campaigning on whether Britain should leave the European Union.

What's on today?

NZ manufacturing PMI, ECB president Mario Draghi speaks in Munich.

The SPI is up 41 points this morning

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