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US FX Handover: Yen Rallies in Risk-Off Trade

  • US stock indices sold off sharply on US-China “trade war” worries - Chinese Premier Liu He will join China’s delegation for high stakes trade negotiations in Washington DC on Thursday.
  • The safe haven yen was the strongest major currency, taking USD/JPY to its lowest level since March near 110.20. The Aussie also fell after the RBA opted not to cut interest rates.
  • The loonie was the weakest major currency on the back of weakness in oil, with sterling also falling cross-party Brexit talks stall.
  • The RBNZ meets tonight, with OIS markets pricing in a 40% chance of a rate cut – see our full preview.


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