Our VP of Corporate Development and Market Research, Jameel Ahmad, visited FXTM’s recently-opened UK office while concluding another successful media tour in the UK. The chief expert conducted 4 one-on-one interviews with industry-leading outlets including major news agency companies Agence France-Presse (AFP) and Bloomberg News, online FX magazine Profit & Loss and Share Radio, a prominent finance radio station.
With the recent Brexit vote still very much a hot topic, Jameel shared his analysis on how the UK markets were affected and what kind of consequences are expected to still occur.
Other topics surrounding Brexit included:
- How Brexit has further weakened the outlook for the impact on oil and the carry-trade selling opportunity hardly anyone spotted.
- Why Brexit should cause a lot of distress to the Bank of Japan
- How the emerging markets will benefit from Brexit
- Why UK’s decision will surely push back US interest rate expectations, putting the Dollar at severe risk.
Though it dominated conversations, Brexit was not, however, the only topic of discussion. Jameel also took the time to discuss the importance of trading education, expanding on FXTM’s devotion in this area, discussing the various seminars we hold and why it’s such an important aspect for today’s traders.
The media tour also served to promote FXTM’s values and to showcase Jameel’s expertise in the areas of market analysis during the sensitive post-Brexit aftermath.
To listen to the Share Radio interview, please click here.
Here are some of Jameel’s quotes from his TV interview with AFP:
On the price drop for oil after Brexit:
"If there's concerns over the global economy, if there's concerns in general in terms of economic uncertainty there is likely to be a knock-on effect on commodities, and it's no surprise to me that oil dropped from $50 to $46 just in the hours where the vote was being announced."
What Brexit means for the Federal Reserve:
"There's going to be quite severe ramifications on the Federal Reserve. They're going to probably need to push back their expectations for raising rates. Some even think they might need to cut it. And I think there definitely is an opportunity somewhere down the line to see further volatility for the dollar and I think the Federal Reserve will have to backtrack on their interest rate expectations."
What are UK’s options now?
"Maybe the UK will now need to define stronger trading terms with non-EU countries. Personally I think this is a risk when the emerging markets are entering a period of weaker economic growth, downsides on the price of oil, capital outflows due to the US dollar interest rate expectations. Yes, the UK is going to need to look to diversify ties outside the non-EU."
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