John J Hardy
Saxo Bank's head of FX strategy John Hardy evaluates the dollar selloff and gives his thoughts ahead of the Bank of England meeting tomorrow.
Editor’s Picks 13 June 2016 at 5:44 GMT

Yen the only winner, as Asian stocks sink with GBP

Asian stocks tumbled by the most in two months and the pound sank to an eight-week low amid growing anxiety the UK will vote to leave the European Union. The Japanese yen rose and sovereign debt rallied as investors piled into haven assets. The MSCI Asia Pacific Index retreated as emerging-market currencies weakened across most of the region. The pound slid for a fourth day after a poll showing a 10 percentage-point lead for Britain to exit the EU sent it tumbling late on Friday. The yen rose toward its strongest level since 2014 as 10-year bond yields dropped to records in Japan, New Zealand and Taiwan. Oil retreated after a report showed an increase in US drilling rigs, while the price of bitcoins surged to a two-year high. Optimism has given way to fear in global financial markets since the middle of last week as polls indicated the UK's June 23 referendum is too close to call. Economists predict an exit vote will send the pound to the lowest level in more than three decades.
Read full article at Bloomberg


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