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Risk-off riles markets as JPY climbs above....>

FOREX: Risk-off riles markets as JPY climbs above all others
Despite US equities managing to climb back into positive territory ahead of the
close, currency markets saw no reprieve with the JPY, CHF and EUR gaining at the
expense of the AUD, CAD and USD.
-GBP/USD briefly topped $1.39 for first time since last week as UK CPI exceeded
expectations, prompting markets to bring forward their expectations of a BoE
rate rise to 77% in May, according to MNI PINCH. The move was shortlived
however, and GBP/USD failed to hold onto the day's gains as the market sold
rallies across both GBP/USD and EUR/USD.
-USD/JPY sold off sharply in Asia alongside a poor performance for Japanese
equities, and the pair's remained well below the Y108 mark for the entirety of
the Euro/US session and holding near five-month lows.
-AUD/USD recovered sharply as CTA selling dented the pair alongside the Wall
Street open and now sits broadly flat ahead of handover to Asia-Pacific.
-Tomorrow's US CPI is the focal point for markets and price action may be muted
ahead of the release tomorrow at 1330GMT. Japanese GDP also due overnight.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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