‘Flash crash’ rips through Asia’s currency markets sending the yen into orbit and the Aussie dollar crashing to Earth

japan yenZhang Peng/LightRocket via Getty Images

  • Japan’s yen has gone into orbit on Thursday, breaking through key technical support levels as rising global growth risks nudged investors into a rush to safe haven-assets.
  • Apple cut its sales forecast for its latest quarter, citing slowing iPhone sales in China, while Chinese manufacturing reads added to the burden of worries.
  • The subsequent spike in risk aversion triggered massive stop-loss flows from anxious investors who had held short positions on the yen.
  • The Aussie dollar dipped to decade lows in early trade.

SINGAPORE (Reuters) – The yen soared versus its peers on Thursday, breaking through key technical support levels as heightened global growth risks pushed investors into safe haven-assets in moves exacerbated by thin holiday volumes.

Charging the risk averse mood was a rare revenue warning from Apple, which added to worries about fading global demand.

See the rest of the story at Business Insider

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Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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