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Not Brexit: European Economies Just Look Terrible - Brexit cartoon 06.20.2016

"Whatever you do, don't talk about the UK economic growth data slowing this morning," Hedgeye CEO Keith McCullough wrote earlier today. 

Here's a look at this morning's UK data:

Not Brexit: European Economies Just Look Terrible - uk data

None of this Europe #GrowthSlowing data has anything to do with Brexit (we'll get a better understanding of the Brexit impact in coming data releases) and has everything to do with #TheCycle

Take a look at recently reported Eurozone data:

(No acceleration to speak of)

Not Brexit: European Economies Just Look Terrible - euro data

What do you do with ugly #EuropeSlowing data? We're watching the Euro. Hedgeye CEO Keith McCullough calls the euro "the main event." In a note sent to subscribers, McCullough writes:

"EURO – with the entire edifice of consensus staring at the Pound (which has a crazy wide risk range of $1.30-1.39), the EUR/USD is looking more and more vulnerable by the day; if they can’t break it out > $1.13, $1.05 is in play on the downside – something to seriously consider within the context of more exits and #GrowthSlowing."

 

Not Brexit: European Economies Just Look Terrible - eurusd 6 30

More to come