BREXIT – Majority Votes "LEAVE" In Historic Referendum
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After months of waiting, the UK Referendum results are in, with 51.9% of the people voting Yes to leaving the European Union.
Following the results, the trading markets were sent into a whirl spin, seeing the GBP reach a 32 year low point throughout the day. Overall, the GBP/USD dropped by a 1,198 pips, ending Friday at $1.3679.
The referendum didn’t only affect the GBP. Following the voting results, the EUR/USD lost 268 pips, ending the trading week at $1.117.
The AUD/USD was also down, dropping by 147 pips, to an exchange rate of $0.7466. The USD/CAD on the other hand, rose by 251 pips, closing at a $1.3004CAD exchange rate.
The situation in the UK and Europe seemed to have the adverse effect on gold. Both COMEX Gold and Gold-Spot rose by 4.69%, closing at $1,322.40 and $1,315.75 an ounce, respectively.
Crude Oil didn’t fare as well, with barrels of West Texas Intermediate going down by 4.93%, down to $47.64. Brent Oil recorded a similar 4.91% drop, closing at $48.41 an ounce.
Friday saw all 3 major US indices slip. The DOW Jones dropped by 3.39%, closing at a value of 17,400.75. The NASDAQ lost 4.12%, closing at a 4,707.98 value point. And lastly, the S&P 500 slipped by 3.59%, ending the trading week with a value of 2,037.41.
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