The dollar dived against the euro and yen on Monday as a slump in oil prices com...
“It is totally wild,” said Shafali Sachdev, head of FX Asia at BNP Paribas Wealth Management in Singapore. “Everyone has been expecting it for a while, but just the speed of the move has taken everyone by surprise,” she said.
So far, the yen’s rise has it headed for its largest three-day gain since the depths of the 2008 financial crisis. It is up 9.4% in a dozen trading days. At one point, the Aussie AUDJPY=was down 6% at an 11-year low against the yen while the Kiwi NZDJPY=fell more than 7%. “This fall in the oil price just comes at the worst time, or at least that’s how financial markets are reading it,” said Paul Mackel, head of emerging markets FX research at HSBC in Hong Kong.
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