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Stocks Melt Down & Most Currencies Follow
U.S. stocks sold off sharply today as the decline in equities sent currencies tumbling lower. Unlike prior moves that may have been fueled by Fed speak or data, heavy selling of tech stocks drove today’s decline. Risk aversion was the primary theme with the Australian and Canadian dollars falling the hardest. The U.S. dollar rose against all of the major currencies including the Japanese Yen and Swiss Franc as investors sought safety in U.S. assets. The resilience of USD/JPY in particular is surprising because the latest economic reports and Fed speak give market participants very little reason to double down on ... (full story)