Risk aversion and commodity weakness the story so far
There have only been three trading days this year but it already feels like it's been a marathon. The big mover so far is AUD/JPY, which has fallen 4.4% already.
Before the calendar turned over, we produced a list of our top 10 trades for 2016.
Here's one thing we said:
"The scope of the commodity carnage will catch markets off guard and trigger a flight to safety that boost the yen as the BOJ grows increasingly shy about deploying more stimulus."
Download the full report.