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FX Action: The yen has picked up some bids in European trading.

FX Action: The yen has picked up some bids in European trading so far, re-establishing the oft seen inverse correlation the Japanese currency has with big directional shifts in global stock markets. Equities are coming under pressure in the face of growing prospects for the monetary stimulus punch bowl to be finally taken away by the Fed and other central banks. USD-JPY logged a low of 109.77, breaching below the levels that were prevailing just ahead of Friday's U.S. jobs report release. Analysts expect the pair o grind lower over the coming days and weeks, though see risk of there being greater magnitude of declines in AUD-JPY, a cross which tends to come under pronounced pressure during phases of heightened risk aversion in global markets.

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Publication:The Fly
Date:Feb 5, 2018
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