Brexit headlines steal the limelight in the......>

UK: Brexit headlines steal the limelight in the NY/Asia crossover, with a

Telegraph piece noting that "Ministers now believe that Britain and the EU will

fail to sign a post-Brexit trade deal, with just days to go until Boris

Johnson's July deadline for an outline agreement passes. The Telegraph has

learnt that the Government's central working assumption is that Britain will

trade with Europe on World Trade Organisation terms when the transition period

ends on December 31. UK and EU negotiators began the latest round of

negotiations in London on Monday, but remain deadlocked on the stumbling blocks

of fishing rights, so-called level playing field guarantees, governance of the

deal, and the role of the European Court of Justice. Senior sources said there

was now an assumption that "there won't be a deal", though it remains possible

that a "basic" agreement could be reached if the EU gives ground in the autumn."

- The major GBP crosses only see a modest reaction, with GBP 10-15 pips weaker

vs. both the EUR and USD since the announcement.