Yen outperformance, commodity currency underperformance sums up trade in forex markets so far today, concomitant with renewed pressure on oil prices and declines in Asian stock markets, led by hefty 3.5% declines in the Nikkei 225 and the Hang Seng. A 5.8% y/y decline in foreign direct investment in December out of China returned focus on tribulations of the world's number two economy. This followed a weak finish on Wall Street, which tracked a new selling phase in oil markets.
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