XE Market Analysis: Europe – Aug 22, 2019

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The Yen has been on the rise amid a backdrop of convulsing stock markets. Yesterday’s FOMC minutes rekindled a risk-off vibe for the simple lack of a signal that the Fed’s July rate cut was the start of an easing cycle. Fed Chair Powell will have opportunity to refine the central bank’s guidance at his speech tomorrow at the Jackson Hole Symposium. USD-JPY printed a two-day low, at 106.29, as did EUR-JPY, at 117.73. The biggest mover, not surprisingly, has been AUD-JPY, a forex market barometer of shifting risk-appetite patterns in global markets.