XE Market Analysis: North America – Sep 09, 2015

A massive rally in Japanese stocks paced a risk-on theme during the Asian and European AM sessions, which left the dollar firmer against the euro and yen, but weaker against Asian and commodity currencies. EUR-USD fell to a two-day low of 1.1146, and USD-JPY logged a six-day peak at 120.73. Japan’s Nikkei 225 closed with a massive 7.7% gain, the biggest one-day rise since October 2008 and one of the biggest percentage rallies on record. The magnitude of the advance was somewhat surprising for many onlookers, though hopes of more stimulus seemed to be a factor.