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FX Update: The dollar traded softer

FX Update: The dollar traded softer during the later half of the Asian session and the European AM. EUR-USD climbed back above 1.0600 and USD-JPY settled in the lower 114.0s after clocking a 9.5-month high in the early Tokyo session, at 114.82. The biggest mover was Cable, which rallied nearly 1% after Brexit secretary David Davies mooted the idea that the UK could pay for continued access to the single market. This is reportedly the first time a government minister -- and a hard Brexiter at that -- has suggested that the UK will maintain contributions to the EU's budget. This was tonic for Her Majesty's currency, suggesting that a soft Brexit is on the cards. Cable clocked a three-week of 1.2649.


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