Yen back in favor as China concerns hit risk appetite

The data highlighted risks facing the global economy, bolstering expectations for dovish outcomes at central bank policy reviews in Europe and New Zealand on Thursday. The European Central Bank is considered almost certain to ease, but no one quite dares to position for bold action given the ECB has disappointed before. While markets only imply a small chance of a rate cut by the Reserve Bank of New Zealand, investors suspect it is only time before the central bank delivers another cut to the 2.