Dollar softness juxtaposed to yen firmness has been the dominant theme in currency markets so far today, which has been concomitant with tumbling global stock markets. USD-JPY dropped 0.4% in pegging a fresh seven-week lows under 104.20. Today racks up as the sixth straight trading day of decline, making this week the third consecutive week of decline. Yen crosses have also been on the ebb today, although by a lesser magnitude thus far. The narrow trade-weighted USD index (DXY) posted an 11-day low at 92.75, while EUR-USD concurrently posted a five-day high at 1.1873.

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