Asia Session – June 29, 2010 3:42 AM

Risk aversion swept into Asia today like a typhoon, sending the safe haven yen soaring and the Swiss Franc to all time highs against the Euro as investors feared the global recovery was stalling. With talk that Chinese exports will face “strong headwinds” for the second half of the year coupled with continued banking fears in the Euro Zone, the Japanese Yen made huge gains across the board today in Asia. Yen demand was accelerated with the collapse of Asian equities, most notably those in China, with the Shanghai Index lower by over 4% and the Shenzhen lower by over 5% at one point. Full text »

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