Risk aversion and Brexit disappointment were the themes
GBP/JPY was the largest pip and percentage mover this week as it fell 2.3% in a steady slide.
The pair got a double dose of political help. Last week, there was a rally in GBP on hopes for Brexit talks after a poor local election showing for Labour and the Conservatives. However those talks fizzled and the pound sagged broadly to start the week.
At the same time, US-China talks soured and broad risk aversion led a bid to the yen.
As a result, GBP/JPY fell to the lowest since Feb 15 yesterday before a small bounce today.
Elsewhere, the story is that the moves were surprisingly small outside of GBP and JPY, given the tariff worries. Chalk that up to a lack of certainty one way or the other.
