Damage control sees the Japanese Yen soaring after the killing of Iranian military leader.
– Japanese Yen, up 9.32%
– New Zealand Dollar, down -4.99%
– Australian Dollar, down -3.89%
Looking back at a the last 5 days of trading the Japanese Yen (JPY) is the strongest currency which soared even higher today after the United States ordered the killing of Iranian military leader Soleimani. The event sent traders into panic mode with gold rallying, US yields falling, crude oil surging and stocks falling.
The end result sees the Japanese Yen is up 9.32% since the same time last week.
It is possible the risk-aversion by traders could continue – even more so, as the futures on the S&P 500 are now reporting a 0.6% drop. The index futures were up more than 0.19% in the Asian session.
In addition to this, oil prices on both sides of the Atlantic have picked up strong bids with heightened geopolitical tensions and could impact on the emerging market risk assets, adding to the bullish pressures around the Japanese Yen.