Pip Diddy

The Asian currencies played “Opposite Day” today as they reversed yesterday’s performance on a bout of risk-taking in the markets.

Choppy market conditions extended their stay in the financial markets during the New York session, with some degree of risk aversion going on.

Price action was a bit choppy during the session, but some themes were playing out, namely demand for the yen and the Loonie’s weakness. However, the spotlight falls on the pound, thanks to an influx of late buyers.

Concerns from the previous trading sessions and a list of other global concerns weighed on risk sentiment, enough to drag on the comdolls and boost the safe-haven yen.

Loonie traders seem to be looking forward to the BOC rate decision this week as the Canadian currency held on to the top spot even while crude oil was mostly unchanged.

The pound and the euro took heavy hits during the morning London session, while the Greenback bounced back after tumbling earlier. The Greenback wasn’t the champion, though, since the Loonie is still in the lead.

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Thin trading conditions and a lack of fresh catalysts inspired traders to price in China’s tax cut plans announced over the weekend.

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