USD/JPY Back to 109 after Disappointing PMIs

The safe-haven yen held onto solid gains early on Thursday after disappointing manufacturing surveys from around the globe triggered a run on risk, while the euro stayed defensive as a policy review by the European Central Bank loomed.

The euro slid to a three-week low of 137.39 yen, the dollar retreated to 109.08 from a six-year peak of 110.09, while the Australian dollar briefly dipped below 95.00 for the first time in seven weeks.

Investors warmed to the Japanese currency after a slew of surveys showed German factory activity shrank for the first time in 15 months, China’s manufacturing sector barely grew, while the United States slowed more than expected.


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