The Japanese Yen continued to rally higher against its higher yielding counterparts, as continued tumbles in the Dow Jones Industrial Average led to pronounced carry trade liquidation. The US dollar also had a strong day of gains, matching its largest intraday advance in six months. A flight to safety across the board led to continued volatility across all asset classes, with especially pronounced moves in interest rate and stock markets. Euro traders saw the single currency lose another 140 points against the Japanese Yen, leaving the EURJPY at its worst peak-to-trough drawdown since March. The high-yielding British ... (full story)