Yen rockets as risk-aversion grips Asia, US NFP – Key event
By FXStreet FXStreet (Mumbai) – The re-emergence of risk-off sentiment was the underlying theme in Asia as volatility returns along with increased demand for safe-haven such as yen which benefitted the most from the sell-off. While the Aussie was the biggest loser, languishing near fresh multi-year lows near 0.6960 levels.
Key headlines in Asia
Asian stocks back in the red as risk-off returns, Nikkei – biggest loser
Hong Kong PMI: Quickest deterioration since GFC
Big sell-off in Asia: Aussie big loser, Yen through the roof
Dominating themes in Asia – centered on JPY, AUD, NZD
A volatile Asian session with no relevant economic news reported amid dominant risk-off environment back in the markets as caution seems to be adopted ahead of payrolls.
The Japanese yen enjoyed solid gains versus the US dollar as the risk-off market profile has become the ‘new normal’ in recent times. Traders continue to bolster their confidence in the safe-haven asset – yen amid falling equities and persisting broad based sell-off. USD/JPY drops nearly 100 pips and now hovers above 119 handle, down -0.63% on the day. While EUR/USD edged up slightly and trades above 1.11 barrier, after having smashed to 1.1080 post Draghi’s presser on Thursday.
While the Antipodeans emerged …read more
Source:: FX Street
