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EFT International June Update

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EFT International June Update

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Market Flash UK June 2016

Those who had hoped that the result of the British referendum on the EU membership would finally bring a closure to months of uncertainty could not be more disappointed. While the referendum result might have split opinions, what followed was a real political earthquake.

Over just a few days between the referendum day and the end of the month, sterling depreciated versus euro and US dollar by 7.3% and 9.3% respectively. Last time, sterling was so weak was back in mid 80's during the currency crisis. While in normal market conditions, devaluation of currency may be a good sign for exporters and can improve country's international investment position in times of slow growth globally, the increase in demand for the UK export may not be sufficient to offset the rise in prices of imported good. Especially given the UK's persistent current account deficit(UK imports more than exports).

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