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All Eyes on UK Referendum

There’s nothing really new happening on the oil market, with the price still hovering around the $50 mark. Don't forget that the API’s Tuesday oil report showed a 5.224 million barrel fall in oil reserves and Wednesday’s report from the EIA showed a fall of 0.917 million barrels, with it expected to fall by 1.671 million. As a result, after a growth to $51.20, yesterday saw a sharp fall to $49.15, finishing the day at $49.80. Oil trading on Thursday started with a slight rise, with prices this morning in a $50.10 - $50.35 range.

The majority of Asian stock markets, excluding the Chinese, have risen this morning. The Nikkei 225 rose by 0.76%. The ASX Australia was up 0.2%. The Shanghai Composite rose by 0.8%, and the Hang Seng increased by 0.2%. Futures for the S&P500 were trading at 2087; 0.5% up on the previous trading day.

The UK is holding its referendum on whether to remain in the EU today and the results of it will set the tone for currency movements on world markets. The most recent survey published yesterday showed a small tip in favour of those wishing to remain: 51% against the leavers 49%. This data offered some support to the pound and euro. The EUR/USD after yesterday’s rise from 1.1240 to 1.1300 has continued its growth on Thursday morning to 1.1340. The exit polls for the Brexit vote will be out over the next 24 hours and it will become clear what the results are.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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