VIEW: ING note that "over the last month we...>

FOREX: VIEW: ING note that "over the last month we have seen a wave of

confidence lift high beta, commodity FX bloc. At the same time concerns over a

resumption in the US-China trade conflict has seen Asian FX underperform. The

turnaround in the energy mkt has probably played a big part in driving appetite

for commodity FX, including EM. A further, immediate rally in crude is not our

team's call right now & suggests an extension in the global equity rally will

have to rely on larger earnings multiples, a difficult call given poor

visibility on earnings/the economic environment. Some transparency re:

Washington's China strategy would also help risk appetite. Our assumption would

be that President Trump would not want to open a fresh round in the trade war so

close to November elections. More evidence of that, allowing a broader sell-off

in $/Asia, would help confirm signs of the USD topping. Before that, however, we

suspect EUR/USD consolidates near $1.10 over coming months & GBP underperforms

as the UK refuses to extend its EU transition period. European FX should stay

reasonably supported. Latin FX has seen a big turnaround as local authorities

show greater resistance to weakness, while Asia FX should remain fragile."