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  • General mood is “risk off”
  • Big selling of Yen against the crosses led the move overnight
  • Fed’s Daly: I don’t think we will be at 2% by the end of the year

What’s Moving

After the recent conservative positioning, the market exploded overnight, prompted initially by massive selling of Yen against the crosses. USD/JPY screamed higher, and the rest of the market took its cues from these moves.

Commodity currencies faired fairly well on the day, with the AUD and NZD both stronger.

U.S. equities gained slightly, while commodities were largely flat.


Expect consolidation of overnight moves in Asia today, with little in the way of key data slated for release today.

We do have some key speakers who will be hitting the tapes in our time zone, including Fed’s Williams and Mester, BoE’s Cunliffe and SNB’s Jordan.


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