Asia Wrap: Just currencies ( EUR-GBP-JPY-SGD)
|The Euro
A mix of rising 'no deal' Brexit fears robust US retail sales data and focus on ECB policy has brought EURUSD back to the low 1.12s and close to the central support zone at 1.1180/90. Under these conditions, any EURUSD relief rally could prove short-lived as price action suggests the street wants to be short Euro heading into the July 25 ECB.
The Pound
Sterling remains under pressure amid heightened concerns of a no-deal Brexit. Tory leadership contestants have stiffened their stance on the Irish backstop, and a more hostile mood has emitted from the latest meeting between UK Brexit minister Barclay and EU's Barnier. The pound has been under selling pressure since Europe walked in.
The Yen
USDJPY was relatively muted in Asia, as the principle policy battleground is shaping up between the ECB and Fed, so Euro has been just about everyone's radar
The Sing Dollar
SGD NEER edged down to 1.35% from 1.43% after Singapore export data. Keep in mind this year’s low is .93%. USDSGD traded up to 1.3618 from 1.3580 at the open so far as trader continue to view the SGD as a funding currency for high yields Asia. I don’t see many betting against a MAS easing.
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