Renewed losses in the stock markets, modest in US yesterday but more pronounced in Asia set the tone for the day. USD/JPY losses stood out as 116.50 and later 116.00 levels gave way to set lows beyond those seen in the flash crash seen last Aug. Comments from Japan officials that currency markets were being ‘closely watched’ was enough to turn the tide, having printed a 115.97 low. Recent AUD lows were only extended vs the JPY, but held off .6825 against the USD. Soft inflation hit the NZD hard overnight, pushing into the mid .6300’s in London. UK employment gave GBP some near term reprieve, as cable held off 1.4100. EUR/GBP extended the topside to .7755, but this was aided by the risk-off short covering in EUR/USD, which continues to struggle ahead of 1.1000. Some were clearly looking for BoC rate cut as the ‘on hold’ call saw the CAD spot rate hit down from 1.4600+ to pre 1.4500. This was after further losses in oil prices pushed multi year highs to 1.4689. Fresh record highs in MXN to 18.4750. USD/RUB took out the Dec 2015 highs to trade through 80.0.