USD/JPY Drops Below 103 as Investors Dodge Risk

The yen held onto gains early on Wednesday while investors kept their distance from risk currencies such as the Australian dollar amid worries about China’s economic health and following a late fall on Wall Street.

An absence of major economic data and fresh market-moving news saw traders take their cue from stock market moves, although the euro was briefly unsettled after a European Central Bank official warned the bank could still ease if needed.

ECB Vice President Vitor Constancio was also reported as saying markets had not fully taken in the point the ECB made last week when it emphasized on the slack in the euro zone economy.


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