The US election on 8 November and the UK referendum on European Union (EU) membership on 23 June had two significant features in common. Firstly, the success of the winning campaigns contradicted expectations of polls and the media. Secondly, both winning campaigns articulated similar views on foreign influences, including international trade and immigration. Given these two factors, the foreign exchange (FX) market, was very likely to be impacted by the two votes. Here, we review the impact on the FX spot market, using data published by CLS.

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