Yen Soars on Risk Aversion, Euro Lifted Again by SNB Intervention

[Forex-Outlook]

Yen surges sharply today on risk aversion but the strength is mainly seen against dollar and commodity currencies. European yen crosses recovered strongly as EUR/CHF is shot up sharply by another round of SNB intervention and Euro takes Sterling higher with it. DOW dropped as much as -357 pts at the time of writing on worry of fragility of global recovery. Some mild support is seen above 10,000 level on short covering but there isn't much strength for a noticeable rebound. Crude oil's fall also accelerates after taking out 70 level again and to dives as low as 64.24 so far. Commodity currencies are hardest hit with AUD/JPY and CAD/JPY dropping over -4%.

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