Global macro overview for 24/08/2015:
The typical market reaction for the growth concern is the risk aversion behavior when the Japanese yen and the Swiss frank are broadly bought across the markets. The recent drop in the price of USD/JPY seems to have followed this pattern as the last week Japan's economic data was quite in favor of the yen. Moreover, the continuous sell-off of the Chinese stock market (-8% today) is adding fuel to the fire as investors are exiting the risky assets. The USD/JPY rate dropped overnight towards the support at the level of 120.41 and violated it. The next support comes at the level of 118.32 and this one is quite important.
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