The yen is weaker, the dollar and commodity units firmer in a classic risk-on correlation. Better than anticipated Chinese trade data and solid gains in commodity prices over the last day have fed risk appetite and propelled a bullish session on Asian equity bourses. This saw yen safe haven premium unwind, which in turn helped Japanese stock markets to be among the outperformers in Asia, while boosting the likes of the Australian dollar. AUD-JPY is the biggest mover out of the currencies we keep tabs on, showing a near 2% gain as London traders take to their desks.
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