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Safe Havens Outperform Amid Equity Slump

FOREX

Safe havens are outperforming as Friday FX trading unfolds. We are seeing sharp losses in the equity space. The MSCI Asia Pac index is down 2% at this stage. Japan markets were very week, now 10% off July highs for the Topix. For the day the Topix has fallen 5%. Strong losses are also evident elsewhere.

  • Yen and CHF are the only G10 currencies up against the USD. CHF gains are around 0.1%, while the yen remains up around 0.10% firmer, hovering near 149.20. At this stage the pair has seen some support sub 149.00.
  • The yen is is up around 0.35% versus AUD and NZD though. Both these currencies are down around 0.20% against the USD.
  • AUD/JPY is at fresh lows sub 97.00, levels last seen in Feb this year. NZD/JPY is near 88.55.

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