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FX Update: The JPY finally doing what it is supposed to do.
After an extension of the recent equity market sell-off that is taking on the shape of a capitulation, the JPY finally woke up to its historic role as the safe haven of choice and bolted stronger across the board, playing catchup to the upside after a sharp sell-off last week. Elsewhere, EM and commodity currencies are experiencing mounting pain.
FX Breakout Monitor: Oil-related FX in full retreat
The strongest currency at the moment is the Euro, which has leaped higher versus the US dollar but still far from upside breakouts due to the long recent sell-off. The same goes for USDJPY, but EUR crosses elsewhere are breaking higher, led by EURAUD and EURNOK, but the oil-sensitive CAD is also tumbling as oil prices plunge.
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