What happened yesterday in Brussels is tragic. My deepest sympathies go to everyone affected by this and all those less media-covered attacks that unfortunately happen around the world on a regular basis.

Reaction in the stock markets and risk sensitive currency pairs so far suggests that this kind of event was basically priced in, which is not surprising given the number of prevented attacks in recent months.

USD/JPY dipped about 75 pips in the immediate aftermath of the news but soon went sideways above 111.50. It climbed 80 pips in the U.S. session, taking out the European session high, but stalled ahead of 112.50.

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