Breaking: USD/JPY drops more than 300 pips in minutes as risk aversion hits markets
|Following the reports of Apple cutting its first-quarter revenue guidance, fears over a global economic slowdown escalated and caused a fresh wave of risk aversion to hit the FX markets. As a safe-haven, the JPY rose sharply against all of its major rivals and the USD/JPY pair lost more than 300 pips in a matter of minutes. As of writing, the pair was down nearly 200 pips on the day near 106.80.
Similarly, the AUD/JPY is losing nearly 4% at the time of press while the risk-sensitive currencies such as the AUD and the NZD are suffering heavy losses against the greenback.
EM currencies seem to be taking a heavy blow as well with the USD/TRY pair advancing to a fresh 2-month high above 5.60.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.