Directional themes among currencies have been somewhat convoluted so far today, fitting a backdrop of whippy global asset markets. The yen underperformed markedly. USD-JPY rallied to a two-month-plus high at 104.95, while GBP-JPY lift to an 11-month high, EUR-JPY a three-week peak, 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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