USD/JPY down on risk off, AUD suffers as commodities struggle

Sharp losses on Wall Street followed by further losses in Asian equity markets hurt risk sentiment in global markets. USD/JPY was mostly lower on on-going de-risking, while the Tokyo Nikkei was down 3.5%.

USD/JPY fell from 120.04 to 119.56. EUR/JPY held steady due to broad euro strength and traded between 134.52-90. The euro in this case benefited from safe haven flows. EUR/USD was up leg from 1.1224 to 1.1264 in Asia.

GBP/USD was soggy in Asia and traded a range of 1.5159-77.

AUD/USD opened in Asia at 0.6990, moving off from 0.6990 to 0.6946. The aussie is being weighed by low commodity prices.

Commodities struggled after fears of weaker demand pushed them to multi-year lows overnight. Adding to the gloom, commodity trader Glencore’s Hong Kong-listed shares were around 28-percent lower on Tuesday, after its London-listed stock plunged on debt worries a day earlier.

Australia’s S&P ASX 200 was down 2.7 per cent with miners leading the rout. Shares in BHP Billiton were down as much as 6.4 per cent, on track for their worst fall since May 2009.

MSCI’s broadest index of Asia-Pacific shares outside Japan slumped 2.2 percent, touching its lowest levels since June 2012 and extending early declines after Chinese shares opened lower.

The post USD/JPY down on risk off, AUD suffers as commodities struggle appeared first on Forex Circles.

Source:: USD/JPY down on risk off, AUD suffers as commodities struggle

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