The yen outperformed and dollar bloc and emerging market currencies underperformed amid global stock market declines after President Trump threatened China with $200 bln of fresh tariffs. A concurrent theme was euro weakness following remarks by ECB policymakers. USD-JPY printed a six-session low of 109.55. The biggest mover has been AUD-JPY, a cross rate which trades like a high beta asset (and thereby has a reputation of being something of a forex market risk-appetite barometer), losing over 1.3% and posting two-and-a-half-month lows under 81.0.
Recent News
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