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Middle East Tensions Attract Yen Demand
The entrance of a new decade has brightened up the outlook for the Japanese Yen as geopolitical tensions between the US and Iran have resulted in a swift transition into risk-off dynamics dominating the proceedings in the forex market. On the other end of the spectrum, we find the Oceanic currencies and the Sterling as the worst performing amid the deleveraging off carry trades and tightening of financial conditions as both equities and bond yields fell in tandem globally last Friday. The US Dollar has been greeted with positive flows to start the year and so far has been able to capitalize on these risk averse ... (full story)
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