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 'Brexit' could trigger a global currency war

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RR Phantom

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'Brexit' could trigger a global currency war Vide
PostSubject: 'Brexit' could trigger a global currency war   'Brexit' could trigger a global currency war Icon_minitimeFri Jul 08, 2016 4:01 am
The quick rebound and relative calm in financial markets last week following Britain's vote to leave the European Union were welcome relief to investors. Many surmised that markets were now looking past the so-called Brexit risks; some even declared victory.

Not so fast.

'Brexit' could trigger a global currency war 1467876346134

After initially recovering from the shocking June 23 referendum results, stocks in Europe and Asia extended losses on Wednesday. While Wall Street ended up higher, US and Japanese government bond yields touched record lows as anxious investors continued to run for safety.

The British pound fell to a fresh 31-year low - to less than $US1.30 (against the Australian dollar the pound fell to the August 2013 low of $1.72) - in what some analysts see as a sign of prolonged volatility ahead for financial markets and increased contention among nations especially over currency values, which are critical in global trade and capital flows.

"It really looks like we're on the cusp of FX (foreign exchange) wars," said Christopher Vecchio, currency strategist at FXCM Inc., an online foreign exchange trading broker. "Competitive devaluations seem to be very much on the horizon."

http://www.smh.com.au/business/markets/currencies/brexit-could-trigger-a-global-currency-war-20160707-gq0uk1.html
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