An element of calm has returned to markets as a wild week winds down, with European and U.S. stock futures pointing overall higher on Friday following the frenetic selling of the previous two days.
Investors were frantically unwinding long-held bearish yen bets and/or seeking a safe haven play with the Japanese currency, spurred by a spate of weak U.S. economic data, the global equity sell-off, and growing speculation of a Bank of Japan rate hike next week - not to mention the helping hand of some deft currency intervention by Tokyo.
However, a cooling of price pressures keeps bets alive for a September Fed cut, and the dollar is edging lower against the likes of the euro and sterling heading into the European morning.
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