This may well be so.
There’s still a lot more of the story yet to emerge, doubtless.
Boris and Michael Gove were seen in London, the day before yesterday, going out for breakfast with Lynton Crosby.
With the possibility of a general election swiftly following the Tory leadership election (which no Conservative is going to do without consulting/empoying Crosby), I strongly suspect that that meeting must be hiding some truths/plans, even if Boris genuinely wasn’t expecting Gove to stand.
400 pip drop in GbpNzd, similar in other Gbp pairs
Too good to ignore, I like what Carney is saying
Long GbpNzd @ 1.8603
[QUOTE=“eddieb;775120”] Too good to ignore, I like what Carney is saying Long GbpNzd @ 1.8633[/QUOTE]
I also went long around the same price. Let’s see how it goes.
BoE possible rate cut in July, QE August.
What do you think?
If it ends up being necessary I’d be more inclined to think they’d do more QE rather than a rate cut. I don’t really see a rate cut on the cards myself. The economy was looking a little soft anyway before Brexit so a bit of a QE injection might well be on the cards now as they can target areas more easily with this approach. I wouldn’t see it as a definite at this point but it’ll be up for discussion over the next few weeks for sure.
[QUOTE=“eddieb;775125”]BoE possible rate cut in July, QE August. What do you think?[/QUOTE]
GBP might have reached bottom for now. I’m hoping to take some profit before the rate cut decision.
I guess they will cut soon. These are the times for which what remaining available cuts are reserved for. I think Boris pulling out is a plus though. I would love to join you guys on these fun nzd trades. Just not quite at that stage yet 
These people are crazy…stop the QE madness
Just
Stop
Hey all. I’ve discovered something that is helping my analyse these markets. It’s not indicators or price action or anything like that. I will reveal all in the next post.
If they cut rates much more they’ll be paying me for my mortgage. I only pay BoEBR + 0.19% fixed for another 7 years
In fact it’s a bottle of wine. (A cheap one). I will buy better quality wine once these trades get moving in the right direction
They will end up inflating the housing bubble even more
and corner themselves out of options…
They arr already pumping 375bn of assets a month into
the system…what the f…k does ‘more easing’ mean?
Crazy
Crazy
Bonkers
Cheer up! GbpNzd is on a surge up the charts
Ayup… Carney gave us a nice chance to BTFD there. GBP/JPY was a nice technical setup where it pulled back exactly to yesterday’s low and bounced. I thought I had missed my chance today for any more trades until Carney sorted me out. Closed a long there for +120 as there’s a raft of JPY news coming later tonight I’d prefer to go flat for. Makes up for making a bit of a mess with EUR/GBP long from this morning which I cut for a small loss too early as didn’t like the look of it and then it reversed strongly.
Nice trade. Mine is still running with stop loss securing some pips
Turnaround overnight closed 2 positions at stop
GbpNzd for +20 pips
UsdJpy for +50 pips
Have a busy day ahead plus its Friday, so don’t expect to do much today
WSJ CITY: OSBORNE’S CORPORATE TAX CUT; INVESTORS WEIGH BREXIT OPTIONS; BUYOUT FIRMS FACE WRITEDOWNS
4 July 2016, 10:02
By Rebecca Byrne
Good morning from London. Here’s essential reading today from WSJ City:
MUST READS FROM WSJ CITY
George Osborne will cut the UK’s corporate tax rate to 15% as part of a broader plan to boost the economy.
Asset managers with operations in the UK and Europe are weighing their Brexit strategy responses.
Some private equity firms are likely to face writedowns after the EU referendum triggered market turmoil.
City Talk: Rio Tinto lays out growth plan; VW rejects European compensation; Tesla sales rise.
Credit Suisse has surged up the European M&A rankings, breaking up the dominance of Wall Street firms.
The contenders for Prime Minister have laid out different views on when the UK should leave the EU.
The Governor of the Bank of France has said London risks losing its EU passport and clearing houses.
LSE shareholders vote Monday on the merger with Deutsche Börse. But Brexit has introduced hurdles.
Germany should offer passports to young Brits following the UK’s vote to leave the EU.
Among the early casualties on the Brexit political playing-field? The UK’s elite public schools.
Download WSJ City for iPhone here or Android here You’ll need to open this email on your mobile device to do this.
Sign up to the morning newsletter here.
IN THE PAPERS
A group of businesses is mounting a legal challenge to prevent the government from beginning Brexit negotiations, by activating Article 50, without an act of parliament. FT (GBP)
Theresa May’s camp has accused UKIP of trying to steal the Tory crown for Andrea Leadsom after Aaron Banks, one of Nigel Farage’s biggest donors, backed her leadership campaign. The Times (GBP)
Alain Juppe, the French presidential contender has offered Britain some post-Brexit hope by saying the UK should not be ‘punished’. FT (GBP)
Brexit has threatened billions of pounds of European funding for UK clean energy projects as well as universities and other big infrastructure schemes. The Times (GBP)
Angela Merkel could remove Jean-Claude Juncker ‘within the next year’, in a sign of deepening European divisions over how to respond to Brexit. The Telegraph
The new chief executive of Rio Tinto said he wants to grow the commodities company by both building and buying mines and will cast the net wide for commodities that could help to power its next phase of expansion. WSJ
Volkswagen’s chief executive last week told the EU industry commissioner that the car giant had no intention of offering equal compensation to Europeans who bought tainted diesel vehicles after a historic settlement of the emissions-cheating scandal for US consumers. WSJ
The government has given struggling Govia Thameslink, which runs the Southern network, permission to introduce an emergency timetable allowing it to cancel another 350 trains a day. The Times (GBP)
MARKETS TODAY
London shares are poised for minor gains on Monday but could struggle for direction with US markets closed for Independence Day. The FTSE 100 is forecast to open around 13 points higher, with most other European markets little changed following last week’s rally, as investors bet that central banks would unleash easing measures to lift economic growth in the wake of the UK vote to leave the European Union. Asian stocks rose across the board on Monday after US markets wrapped up their biggest weekly gain of the year. Sterling managed to add a few cents against the dollar in Asia but was a touch weaker against the euro, having fallen to its lowest level in more than two years against the single currency on Friday.
Stocks to Watch: Volkswagen rejects cash offer for European car owners; BMW June brand sales decrease 10.3%; MTN Group’s finance chief Brett Goschen is to leave Sept. 30; Capita appoints Ian Powell as chairman designate from Sept. 1.
COMING UP
CIPS and Markit Economics publish their June PMI survey of business conditions in the UK construction sector; and London Stock Exchange shareholders vote on the Deutsche Börse merger.
(END) Dow Jones Newswires
GbpNzd just had a nice 100 pip bounce off 1.8350 but is slipping back down again. How low can this go?
EurUsd long 1.1143