Forex news and economic trading headlines 22 March 2016
The Belgium news has obviously overridden everything else in markets today. Currencies were not doing much until the first headlines hit. At first it wasn’t a big move, just the majors like cable and the euro losing 20/25 pips while the yen and USD gained them. As the news unfolded further and the magnitude became clear, the moves accelerated. The yen and US dollar became the beneficiaries of flows out of Europe. This safe haven move is different from economic safe haven moves, which would normally see euro demand.