Following the reports of Apple cutting its first-quarter revenue guidance, fears over a global economic slowdown escalated and caused a fresh wave of risk aversion to hit the FX markets. As a safe-haven, the JPY rose sharply against all of its major rivals and the USD/JPY pair lost more than 300 pips in a matter of minutes. As of writing, the pair was down nearly 200 pips on the day near 106.80.
Similarly, the AUD/JPY is losing nearly 4% at the time of press while the risk-sensitive currencies such as the AUD and the NZD are suffering heavy losses against the greenback.
EM currencies seem to be taking a heavy blow as well with the USD/TRY pair advancing to a fresh 2-month high above 5.60.