Asia FX Summary: EUR/USD Remains Heavy With Stops Triggered Under 13550

The USD and JPY gains continued in early Asia but were mostly linked to opportunistic targeting of stops on the EUR, GBP and CHF, rather than fresh fundamental factors. EUR-USD triggered stops under 1.3550 for a fall to 1.3525 while USD-CHF targeted stops above 1.1100 for a rally to 1.1121, and GBP-USD triggered stops under 1.5120 for a slide to 1.5100. Attempts to trigger stops under 0.7500 on the AUD, under 0.5880 on NZD and under 95.00 on USD-JPY all failed. However, the risk is still see for further USD and JPY strength that is expected to see EUR-USD edge under 1.3500 and USD-JPY trade to 92.00-93.00 in sessions ahead. Asian stock markets were all broadly lower with Australian and Japanese markets dropping over 2%. The fall in Asia stocks kept pressure on U.S. Treasury yields which edge lower. Commodities were also pressured on renewed global growth concerns with copper down 4% and oil remaining under pressure.