A tumultuous session in Asia, initiated by China stocks markets closing limit down within the first half an hour of trade, saw the yen extend recent outperformance and the commodity currencies extend recent underperformance. Asian currencies, ex-yen, also went into a tailspin, although most managed to regain poise as the session progressed. AUD-JPY, which is a forex proxy of China sentiment, dove to a new four-month low, and AUD-USD a three-month low. The NZD and CAD also fell to new lows. Oil prices dove over 4%, driving Brent crude prices to fresh 11-year lows.
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