The fx market has been accustomed to a fairly mechanical reaction to strength in stock markets. Higher equities in recent months have heralded the risk trade, which would pressure the safe haven currencies - the USD and the JPY. Asian and European stock indices, with the exception of Japan’s Nikkei, are higher this morning. In tune with this the USD index has pushed lower. The JPY, however, has broken the mould and is pushing higher across the board, its biggest gains coming vs the AUD. Full text »
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