Woes amongst emerging markets continued, and a global appetite for risk decreased. The Japanese stock market took a hammering throughout the day, leading investors to sell and purchase currency instead; thus, we saw the safe-haven Japanese yen strengthen against the majority of its peers in response. As a result, we saw the yen trading at November-highs against both the US dollar and a weakened sterling.
The Polish zloty showed strength, climbing over half a per cent against sterling and the US dollar following comments from the Polish Prime Minister, Donald Tusk. Tusk stated that there were ‘tangible signs of hope’ for the economy, which has had a troubled start to the year and has been sustaining a bleak outlook.
The Australian dollar also had a good day yesterday, with traders acting bullishly in anticipation of last night’s interest rate decision – which was forecasted to be held at 2.5%. This forecast was correct as Australia needs to keep on top of rising inflation but still investment.
Employment figures out of New Zealand this evening are likely to be influential.
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