The dollar majors have mostly been holding within their respective Thursday ranges amid a backdrop of whippy global asset markets, which have once again turned to a risk-off positioning mode. The exception has been USD-JPY, which floated to a seven-week high at 104.57 on the back of yen weakness, which saw GBP-JPY lift to an 11-month high and AUD-JPY a two-day high. This price action is a break in correlation for the yen, which historically has tended to strengthen during phases of risk aversion in global markets.
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