Risk aversion dominates the morning session

EUR/JPY has fallen almost 100 pips from it’s NY closing level as events in Iran and North Korea remind the market that we are really only one big event away from a significant hiccup in the worldwide economic recovery. Risk aversion has been the name of the game, with both the JPY and CHF crosses giving up ground. The Nikkei and Kospi are both marginally lower, echoing the sentiments of the FX market. Nevertheless, remember my pet theory. The first move in Asia on a Monday morning, especially if it’s against the trend, is always wrong. Let’s wait and see.

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