Hunt for yields and safe havens as Brexit could trigger contagion: DBS Vickers

SINGAPORE (June 28): Despite the Brexit’s limited economic impact on Singapore, DBS Vickers is warning of a potential contagion scenario, where the Brexit triggers a chain reaction among other EU nations demanding to hold their own referendums breaking up the EU.

EU currently accounts for 12% of Singapore’s non-oil domestic exports and 31% of foreign direct investment, according to the research house.

DBS Vickers warns that the GBP could fall by another 10% to 20% against the USD in a worst case scenario.

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