EUR/USD at 1.1161. European shares plunged more than 8%.

EUR/USD lost more than 2% after “Brexit” announcement. As of 1:00 PM EDT the pair was trading at 1.1161, which is 2.33% lower than the previous close.

European markets collapsed after Britain voted to leave EU. Below is presented the performance of major indices:

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  • FTSE 100 closed at 6,138.69, down 3.15%.
  • CAC 40 plunged 8.04% finishing at 4,106.73.
  • Euro Stoxx 50 was trading at 2,776.09 as of 5:50 PM GMT, which represents 8.62% decline from the previous close.

British banks suffered the most affected by this unexpected event that shocked the global markets. Barclays and Lloyds Banking Group dropped more than 30% in the early session today.

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“This is an historic event and will not be swept under the rug very quickly. That said, markets will not remain in turmoil as they are at the moment for an extended period of time. There is no indication that the global financial markets are anywhere near a meltdown as we saw in 2008. The UK will not collapse and the EU will not collapse anytime soon.” said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

Oil prices plummeted today. As of 1:28 PM EDT the WTI Crude was trading at 47.87 USD/bbl down 4.47% and Brent Crude at 48.66 USD/bbl, which represents 4.42% decline from the previous close.

“The same people that were driving cars yesterday are driving the cars tomorrow. There is no chance whatsoever that the supply balance for oil will change because of Brexit.” said Danilo Onorino, portfolio manager at Dogma Capital SA in Switzerland.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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