European Central Bank taking their turn to wheel out a press release 24 June 2016
- will continue to ensure price and financial stability
- in close contact with other CBs
Again we shouldn't be surprised by any of this as they flagged it up well in advance of yesterday's vote.
Operations will be money-market based with the focus on providing stability. No central bank wants their ccy stronger so direct FX intervention to support is unlikely. In any case it is widely believed ( by me too) that the G7/20 have an unofficial/verbal agreement not to deliberately act to weaken their ccys.
Poor old BOJ. All talk and no trousers therefore. They must have been gagging to step in below 100 but thankfully for them the market did it anyway just in case. We wait to see how far the rally can go.
Currently 103.08 .Talk of offers/sellers building into 104.000
