I’m not sure that this relative calm is going to last for much longer but with stockmarkets in Tokyo and Seoul down by just over 2%, the FX market is not quite sure how to take this news. Bids at 1.1920 are holding the EUR/USD up for now but offers are said to be fairly solid around 120.00. USD/JPY is still drifting lower but there’s no sign of any panic selling and the AUD remains quite weak but probably too close to the recent .8070 low to encourage any major speculative selling. A break lower still looks the most likely event.
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