Asia FX Handover - 12th March 2019

  • The British pound extended gains overnight, after May secured ‘legally binding’ assurances ahead of today’s vote. Furthermore, GBP crosses exceeded their typical ranges early Asia, although scepticism surrounding the said ‘assurances’ saw GBP pare gains later in the session.
  • Brexit developments and positive lead from Wall Street spilled over to Asian equities which are on track for their best session since January. Copper broke to a 3-day high, US10Y remains buoyant around 2.66% and the yen softened with improved sentiment.
  • On the data front, Australian mortgage demand slumped to underscore the housing downturn whilst business confidence and conditions missed expectations, adding to calls for RBA to cut. 

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