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Hardy: Risk appetite falls further over China meltdown

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Saxo's John Hardy says there's been a wave of risk off in FX due to the on-going situation in China and the CNY devaluation. He says that has translated into Japanese yen strength with USDJPY pushing the 118 level which was broken in the Asian session.

Meanwhile Wednesday night's FOMC minutes failed to spark much interest, says Hardy. He discusses EURUSD and whether Friday's US nonfarm payroll figure will help move the focus away from China. However, he stresses the importance that China will have on global markets and the on the US Federal Reserve's future decisions over rates.