Breaking: USD/JPY surges above 110 amid dollar demand
|USD/JPY has surged above 110, up some 200 pips or 1.90% on the day. Demand for the US dollar is outweighing the Japanese yen's safe-haven status. It is trading at the highest levels since February 27.
With this advance, the currency pair has completed an increase of around 900 pips since it bottomed at 101 last week. The next big target is the recent peak of 112.10 seen in mid-February.
The dollar is the world's reserve currency and is benefiting from the market panic. Stocks are sold off all over the world, causing some distress in money markets. All assets are under pressure and investors are fleeing to the safety of the American currency. Global equity markets are attempting recovery on Thursday.
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