Skip to content
Subscriber Only

Panic Selling, Algo Frenzy Convulse Currencies After Oil Shock

  • Algorithmic machines sold Aussie, kiwi in hunt for liquidity
  • Price war among oil exporters adds to virus shock in markets
Video player cover image
Oaktree's Marks Says It's Certainly a Time to Do Some Buying
Updated on

Panic reigned in currency markets as orders from traders and algorithmic machines snowballed to spur some of the biggest moves since the global financial crisis.

As markets reopened after a weekend filled with crisis headlines, the yen soared to approach the key 100 level against the greenback. Risk and commodity currencies from Australia to Norway and Mexico all plunged within the first few hours of trading.