Banking Jitters Propel Yen to Forefront, Overshadowing Fed;

In a week crowded with high-profile events like FOMC rate decision overnight and the upcoming BoE meeting today, Japanese Yen is surprisingly stealing the show as the star performer in the currency markets. This rally in Yen's can be attributed to the significant drop in global benchmark treasury yields, driven by renewed flight to safety amidst fresh concerns over banking stability. The apprehension in the banking sector has prompted investors to flock to bonds. Meanwhile, it's also bolstering Yen, especially against Australian Dollar, which is currently under pressure due to more lackluster Chinese economic data.

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