The correction in the dollar and yen intensified as market participants made a quick retreat from risk-off positioning. The risk-sensitive AUD-USD and AUD-JPY have been the biggest gainers out of the most traded currencies, with both showing gains of comfortably over 1% at their highs. Wrong-footed speculative accounts beat a retreat from short positions in assets and high beta currencies. Even stock markets in locked-down Europe rallied strongly, with many national bellwether indices showing gains of over 2% while the broad pan-Europe Stoxx 600 of about 1.5%.
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