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Yen: Heavy buying after Obama headlines

FXStreet (Bali) - The Japanese Yen is being bid to the boots following headlines that Obama authorized targeted airstrikes in Iraq to protect American personnel.

The repercussions of such headlines, which only adds to the geopolitical risks due to ongoing conflicts in Ukraine and Gaza, have caused a big reaction in the market.

The Nikkei 225 in Japan has taken a big dip, falling over 3%. S&P500 futures is down over 0.5%, with the US 10-year yield touching a 14-month low at 2.38%, which represent a 5bps drop since markets closed in NY. USD/JPY is under extreme pressure, currently down almost 0.5%, while even worse performance is seen in AUD/JPY, which has fallen over 0.7% after the RBA cut its outlook on inflation and growth.

AUD/USD sinks after double whammy, critical 0.92 in sight...

AUD/USD kept on falling post the RBA quarterly monetary policy statement, with news that Obama had authorized targeted airstrikes in Iraq exacerbating the pain for the Aussie.
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US prepared to strike in Iraq if US personnel, facilities threaten

Reuters is carrying additional headlines related to airstrikes by US forces in Iraq being approved by Obama, noting that the US is prepared to strike if it sees actions anywhere in Iraq that threaten US personnel and/or facilities.
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