XE Market Analysis: Europe – Oct 15, 2018

The Yen has traded moderately firmer while the Pound has come under moderate pressure, the former underpinned by a resumption of risk aversion in Asian equity markets and the latter affected by news that the respective lead negotiators from the UK and EU, Raab and Barnier, faltered over the Irish border backstop issue. It also remains clear that Prime Minister’s Brexit plan, aka the Chequers plan, lacks support on both sides of the Channel. USD-JPY has drifted below Friday’s 111.88 low, while the Pound is showing a 0.3% loss to both the Dollar and Euro.