BrExit

Brexit: The recent vote by Britain to leave the European Union is both an economic and political earthquake.  It puts in question England’s economic relationships and the longer term future of the European Union.  In the short term, we will see increased market volatility in markets from currencies to stocks to commodities as markets anticipate the winners and losers.  In the longer term, we expect the move to be a good thing for England and a bad thing for the EU.  US currency is expected to remain strong relative to Pound Sterling and the Euro, so it should be a good time to travel to Europe.  This should bode well for our Paris Holiday Client Trip this December.

Thus far, we have seen a rush to safety, strengthening the US dollar and gold.  We see stock and bond markets moving away from risk as well, which should be temporary.

I have attached links to a few public commentaries from institutions we trust, so you can get their thoughts about the vote.

https://www.manning-napier.com/Corporate/Insights/Blogs/MarketsEconomy/Article/tabid/313/Article/495/Britons-Vote-in-Favor-of-Brexit.aspx

http://www.ftportfolios.com/Blogs/EconBlog/2016/6/6/brexit-is-freedom

https://www.invesco.com/corporate/dam/jcr:b3f98624-3c86-46b8-ac0d-a3dec57c4a32/BREXIT-FLY-1-E.pdf

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