On Monday, Moody’s downgraded Japan’s foreign currency debt to Aa2 and on Thursday S&P lowered its outlook on UK debt to negative. Both events triggered a knee-jerk market reaction – perhaps more so in GBP, which had spent most of the week very much in favour.
Next month’s Euromoney magazine contains a short article about why the JPY looks like it could be moving centre stage in FX, even when there is not that much going on.
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