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Want To Understand Markets? Watch This Currency Pair
Let's talk about the yen for a minute.
If you had to pick one currency pair to serve as a proxy for markets, it would probably be USDJPY.
The yen is gauge of safe-haven flows, it reflects the plight of exporters in a world increasingly driven by FX vol, and it is in many ways a kind of running, real-time referendum on the market's conviction regarding the Trump administration's commitment to a weaker dollar.
If you want to know just how sensitive USDJPY is to political developments, just have
