ANZ on EUR and GBP. See downside for EUR vs. Asia, GBP/Asia maintains range

In brief from ANZ from their latest 'FX Insight' on euro vs. Asia currencies and GBP vs. Asian currencies

• The ECB's policy recalibration last week was as expected. However, the EUR is facing headwinds given the ECB's concern over tightening in financial conditions via the currency, coupled with market positioning. We see downside risk in EUR/Asia
• We recommend a tactical short 3M EUR/SGD forward position, at 1.5915 (spot reference 1.5844), targeting 1.5600 with stop loss at 1.6120
• We expect GBP/Asia to continue to range trade, with the lower and upper bounds providing a good guide for buying and selling the crosses.