EU Leaders Threaten as UK Referendum Edges Closer

Market Trends - 20/06/2016

European Union leaders including German finance minister Wolfgang Schauble and Donald Tusk, President of the European Council warned that the UK could expect a 'tough and unforgiving' response if it votes to leave the European Union. In an interview with Der Spiegel magazine, the German finance minister said "In is in - out is out" but said that he hopes Britons will ultimately decide against the Brexit as it would be a heavy loss for Europe. Donald Tusk, speaking to Bild said that all members of the European Union would suffer if the UK voted to leave the EU. He said that Britain could face seven years of limbo during the re-negotiations of various trade pacts.

The Pound sterling gapped higher this morning as new polls showed that the 'Remain' camp gained a lead over the 'Leave' camp. This came after the unfortunate shooting of UK lawmaker Jo Cox last week. However, many analysts expect that the current jump in GBPUSD, which rose by nearly 0.80% on Monday is unlikely to remain supported and expect volatility to pick up over the week. The UK goes to the polls this Thursday to cast their final vote on EU membership.

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