Yen is a bid amidst risk-off sentiment – BBH

Research Team at BBH, notes that the risk off sentiment continues as the Sterling took another leg lower after the break of $1.30, trading just below $1.28 before bouncing a bit. 

Key Quotes

“The euro is softening but continues to outperform sterling.  As such, the EUR/GBP cross is moving higher, breaking .8600 before falling back a bit.

The yen is bid, with dollar/yen making a new low for this move near 100.40.  The post-Brexit low from last week near 99 is drawing close.  Yet despite the gains in the yen, there did not appear to be any verbal intervention by Japanese officials.  On the margins, this may be emboldening some participants, but there can be no doubt that officials are frustrated by the yen's strength.”