The Asian and European morning sessions have been a story of an ongoing risk-off theme in financial markets, which has propelled continued yen outperformance and underperformance of commodity and emerging market currencies. EUR-USD, meanwhile, saw relatively uneventful trade, settling moderately higher after logging a one-month low at 1.0710 yesterday. USD-JPY traded to a fresh near three-month low of 118.25, and EUR-JPY has extended deeper into near eight-month low territory.
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