By CountingPips.com
The Japanese Yen rose extremely sharply in the currency markets today with ‘flash crash’-like movements that brought the USDJPY exchange rate under the 105.00 level. The markets were clearly affected by Apple’s sales warning that revenue would be coming in less than expected and prompted worries about China’s economy.
The news hit risky currencies like the Australian dollar hard while the Japanese yen, usually a beneficiary of demand when the markets become stressed, spiked in strength. The US dollar (USDJPY) fell to the lowest level since March 2018 against the yen while the Euro (EURJPY) dropped to the lowest level since April of 2017 vs the yen.
The risk-off moves pulled the Australian dollar down against the US dollar as well.
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