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Commodity currencies and safe haven currencies down; UK employment data

Exclusive Capital Ltd.

An odd day – not the usual “risk on” or “risk off,” as both the commodity currencies and the safe-haven currencies weakened vs USD. Moreover, the commodity currencies weakened more, even though US stocks were up sharply and Asian stocks are by and large slightly higher this morning, too.

Some of the movement no doubt had to do with individual events. Bank of Japan Gov. Kuroda said in Parliament something to the effect that if movements in the yen impact Japan’s economy and prices, the BoJ might consider accition easing if it’s necessary to reach its price target. IE, we will intervene to keep the currency from appreciating. He also said that the BoJ doesn’t have currency manipulation as a target – please tell me how those two statements go together. He said there were still more policy measures that could be taken, such as lowering bond yields further or buying assets.

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Source: https://www.exclusivecapital.com/commodity-currencies-and-safe-haven-currencies-down-uk-employment-data/
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