Currency Crash! Yen surges on flash crash!

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Japan is in the middle of a 4-day bank holiday and liquidity was light after the close.  No specific catalyst can be attributed to the massive moves we are seeing in the yen and dollar.

Risk aversion was expected to follow the Apple news of cutting their guidance citing a steep drop in sales in China amid the trade war with the United States.  S&P 500 futures dropped 1.2% following the Apple news.  The moves seen in FX were extra-ordinary.  AUD/JPY fell over 7% at one point.

The Apple cut saw Q1 guidance decimated.  They cut Q1 revenue to ~$84 billion verse $91.3 billion eyed.

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Ed Moya

With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏

Ed Moya

Ed Moya

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