An abatement in risk appetite has impacted currencies, driving moderate Yen outperformance and underperformance in the Dollar bloc and some emerging-world currencies. A side theme has been general Dollar gains, USD-JPY excepted, following the release of the Fed’s Beige Book survey yesterday, which found labour market tightness and rising wages. This has driven EUR-USD to a 13-day low at 1.1371, and Cable back towards the 1.2850 level, down from the high seen late yesterday at 1.2897. AUD-USD printed an eight-day low at 0.7146, and USD-CAD a three-day high at 1.3296.
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