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Yen Surges on Haven Demand as Brexit Fears Hit Pound

Posted by Chris Advincula on Jun 13, 2016 6:36:46 AM

(June 13 Bloomberg) The yen jumped 1 percent against the dollar and the pound tumbled to the lowest level in two months as anxiety about a potential British exit from the European Union fueled demand for the safest assets.

Hedge funds doubled their short positions on the pound to the most since June 2013, while they added to net bullish bets on the yen for the first time in seven weeks as traders ruled out the possibility that the Federal Reserve will raise interest rates on June 15, a day before the Bank of Japan also decides on policy. The pound weakened for a fourth day after polls published over the weekend showed the question of whether the U.K. will opt to leave the EU was too close to call before the June 23 referendum.

Click on the link below to see the full story from Bloomberg: (by Netty Idayu Ismail & Lilian Karunungan

Yen surges on haven demand as brexit fears hit pound

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Topics: GBPUSD, Europe, Forex, Japanese Yen, Fundamentals, BREXIT

 

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