The lower break in the Shanghai Composite last week is having a bearish ripple effect across Asian currencies. On the TRENDS Heatmap, underperformance of EM Asian and the AUD, NZD are standouts. At the other extreme of the Heatmap, EUR crosses continue to show signs of buoyancy as EUR/USD approaches its 100-day average. In other assets, although base metals have rebounded over the past week, the risk is that upside is limited as markets stay largely range bound in industrial metal space.
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Barclays Capital