Risk-off mood sees the Japanese yen propel to the top of the rankings
Meanwhile, the dollar and swissie are locked closely for second place. The pound also isn't too far behind after a slight jump in the last hour. I'm guessing that has more to do with flow-heavy moves more than anything else.
Aside from that, the kiwi and loonie are weaker on the day but off the lows and the same can be said for the two currencies at the bottom of the pile which is the euro and the aussie. The latter is once again the laggard as risk sentiment in the market turns sour on the back of contagion fears surrounding the situation in Turkey and the lira.
And that remains the name of the game in trading today. The focus of the market has turned pretty much to Turkey and the lira solely. Here's a summary of the headlines on the matter:
- Turkish central bank says banks are to be provided all the liquidity they need
- USD/TRY falls after CBRT issues statement
- CBRT cuts lira required reserves by 250 bps for all maturities
- Risk bounces a little after CBRT announcements
- USD/TRY looks towards 7.00 again now...
- Turkish interior ministry to take action against those "bad-mouthing" the economy, lira
- CBRT opts out of opening 1-week repo auction
Meanwhile, USD/TRY is trading at 6.84 - down almost 6% on the day currently.
