Quiet start to the week turned into carnage soon after European session got underway, led by stock market falls. The selling continued in North American session and, after a small consolidation, overnight.

The greatest beneficiary of safe haven flows has unsurprisingly been the yen, while the euro and the franc have also benefited. Gold rose to the highest in eight months. Cable and commodity currencies lost to various degrees, not least as a consequence of cross pair selling.

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