Published at 04:26 (GMT) 17 Jul
EU Leaders have agreed to expand sanctions against Russia to target companies that help to undermine Ukraine sovereignty. Asks European Investment Bank to suspend new lending for Russia. New EBRD lending to Russia.
Russian President Vladimir Putin says need to see details of US sanctions. Sanctions will usually have a boomerang effect and will take Russia-US relations to dead end. IMF cash for Ukraine has ended up in private bank of Ukrainian billionaire.
On FX, focus on the above, eye any backlash from Russia. Given ongoing Ukraine crisis. Good to watch EU/US relationship with Russia. EUR/USD at 1.3529-30, off the 1-month lows of 1.3521 seen on Wednesday. Lowest since Jun 16 1.3512. Offers at 1.3540-50, bids at 1.3500 - 1.35/1.37 DNT.
EUR/SGD looking offered, as it hit 8-month lows 1.6850-60 levels. On EUR, EUR/Crosses weakness, as EUR/GBP hit 22-month lows, EUR/JPY 5-month lows. EUR/SGD at lowest level since Nov 22 1.6816. USD/SGD at 1.2415-18, tight range, offers 1.2430-50, bids at 1.2390-00, the 8-month lows. WL
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