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
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA 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 CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
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