From Marc Chandler at Bannockburn Global Forex:
Overview: The main move in the foreign exchange market today is the recovery of the yen following what was seen as hawkish comments by BOJ Governor Ueda. Otherwise, the tone is one of consolidation. The equity market sell-off today may be weighing on the Scandis and dollar-bloc currencies amid risk-off impulses. Emerging market currencies are mixed. The Mexican peso, which fell to a new low for the year yesterday, is stabilizing today and is among the stronger emerging market currencies..
Only China's CSI 300 of the large markets in Asia Pacific rose today, and Europe's Stoxx 600 is off around 0.75%. If sustained, it will be the third consecutive decline. US index futures are around 1% lower. The equity sell-off in Europe is not spurring a bid for bonds. Benchmark 10-year yields are 4-8 basis points higher, with UK Gilt yields rising most post-budget. The 10-year US Treasury yield is little changed near 4.29%. Gold set a record high slightly above $2990 but is now lower on the day. Oil is firm, but the gap created by Monday's lower opening in the December WTI contract extends to about $71.80 has not been filled.
Asia Pacific
It was a busy day in the region....
....MUCH MORE
