The yen hovered at two-month highs against the euro and dollar early on Tuesday, having powered higher as a selloff in risk assets forced investors to cover bearish positions in the low-yielding Japanese currency.
Disappointing U.S. data that showed manufacturing activity slowed sharply last month dealt a heavy blow to markets already jittery about a selloff in emerging markets.
“A poor ISM manufacturing print exacerbated growth fears and further directs attention to the non-farm (U.S.) payrolls due at the end of this week, after the December release’s dismal showing,” analysts at JPMorgan wrote in a note to clients.
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