There goes the Yen
The Japanese Yen has taken off and there isn´t any clear reason why. Yesterday USD/JPY was trading in a tight range around the 106.50-70 region, this morning it is more than 250 pips down. Apart from the SPPI which is the services bought by corporations that remained the same at 0.2% against 0.1% expected I can´t find any other economic data to justify this move.
At first glance, this seems to be a risk off move, you know when the forex market gets all scared, usually for no reason, and every forex trader rushes off to buy a handful of Yen, which is a safe haven currency. But no, that´s not the case today, this seems more like a USD weakness because the Buck is down in other fronts as well. The Kiwi and the Aussie are about 70 pips up against the USD overnight. Well, I´ll just have a thorough look around to see what has happened overnight and will keep you updated.
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