The yen tumbled as it finally caught up with stocks on a report that the Bank of Japan is losing patience in the fight against deflation. The US and Canadian dollars were the top performers. The Asia-Pacific week ends quietly but UK GDP is a highlight later. The latest Premium trades are 2 USDCHF, while both GBPUSD shorts near deeper in the money after the double disappointment from the BoE minutes and UK retail sales. Tomorrow comes UK Q3 GDP.
Yen crosses ripped higher with USD/JPY touching as high as 108.35 as stocks continued to recover. We wrote that the dollar was likely to play catch up early in the week and the gains coincided with rising Treasury yields.