‘Flash-Crash’ Moves Hit Currency Markets

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Yen will continue rally, could appreciate to 102: UBP

Wild moves in the currency market are sending investors scurrying for answers. Bloomberg’s Ruth Carson reports.(Source: Bloomberg)

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By Ruth Carson and Michael G Wilson

January 2, 2019 at 11:57 PM UTC

Updated on

January 3, 2019 at 9:41 AM UTC

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It took seven minutes for the yen to surge through levels that have held through almost a decade.

In those wild minutes from about 9:30 a.m. Sydney, the yen jumped almost 8 percent against the Australian dollar to its strongest since 2009, and surged 10 percent versus the Turkish lira. The Japanese currency rose at least 1 percent versus all its Group-of-10 peers, bursting through the 72 per Aussie level that has held through a trade war, a stock rout, Italy’s budget dispute and Federal Reserve rate hikes.