HALISTER1: INSIDE ASIA: Yen Surges Past 100 as Brexit in Lead in Results

INSIDE ASIA: Yen Surges Past 100 as Brexit in Lead in Results

(Bloomberg) -- Yen jumps past 100 vs dollar, with the Aussie and South Korean won leading Asian currencies lower as results so far from the U.K. vote show more support for Brexit.
  • Latest tally shows Leave camp with 51.34% votes vs 48.66% for Remain
  • Dynamic swings on pound are weighing on regional currencies, and people are unwinding positions from the Remain camp, according to Stephen Innes, senior trader at Oanda
    • Market fluid although see 100-point moves given that liquidity is very thin
    • A lot of “fast money” trading as people chase rapidly shifting sentiment, with longer-term bets and “smart money” sidelined
  • Yen climbed as much as 6.7% vs dollar to 99.02, the highest since Nov. 2013; Aussie falls 2.7%
  • Singapore dollar drops 1.6%, while Malaysian ringgit slips 1.4%, Korean won plummets 1.9%
  • South Korea to take market stabilization measures if needed on Brexit, Vice Finance Minister Choi says; economy’s exposure to U.K. not large, but can be affected by mkt volatility
    • Bank Negara Malaysia said yesterday central bank and financial market participants will remain vigilant to any potential emerging risks and challenges
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Stephen Innes (OANDA Corp)

To de-activate this alert, click here

UUID: 7947283