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FED hike possibility in December and sharp drop in equities last night got Dollar/Yen struck between stronger Dollar and risk aversion.
We at FxWirePro, are still in favor of monetary policy divergence at least until FED do hike rates in December, however last night's equity drop did reminded that there could still be some serious risk aversion and profit booking in equities in preparation for the event.
Naturally if that be the case, Yen could gain even against Dollar.
However, we are currently not very much in favor of that scenario, at least not until December. Simple reason is another mega event stands between now and FED and that is European Central Bank's monetary policy meeting, scheduled for 3rd December.
Any mega announcement can push lower not only Euro but also Yen to some extent against Dollar.
Discreet sell offs in US equities might not generate risk aversion but it could simply indicate portfolio adjustment.
Yen is currently trading at 123.1 against Dollar.
