FX Update: The Dollar has traded softer and the Yen has outperformed
FX Update: The Dollar has traded softer and the Yen has outperformed on a safe haven bid amid a backdrop of hefty global stock market losses. The USD index (DXY), which has rallied quite strongly over the last week and a half, is presently showing a decline of 0.2%., at 96.24, extending the correction from yesterday's two-month high at 96.53. EUR-USD has concurrently lifted above 1.1410, rebounding from the two-month low printed yesterday at 1.1378. Despite the lift in EUR-USD, the EUR-JPY cross still managed to edge out a two-month low, at 127.29, though has since recouped back above 127.50. USD-JPY pegged a 10-day low at 111.82, and AUD-JPY a six-week low at 78.99. In the equity world, Japan's Nikkei closed with a 3.7% loss, while China's SSE index has managed to pare the worst of intraday losses during the PM session, and is presently showing a relatively modest 0.5% decline. On Wall Street, the S&P 500 closed 3.1% for the worse, and the tech-laden Nasdaq 100 with a 4.6% loss. Corporate earnings and guidance have been flagging the nascent signs of a deteriorating business environment and outlook risks.