Why you get huge currency moves at this time of day

Huge, huge moves in currencies in the past few minutes:

• AUD/JPY falls further (and its not the only Turkey)
• Yen surging
• AUD collapsing

The thing about this time of day, and I repeat this over and over again, is the forex market is at its thinnest for liquidity for the entire 24 hour cycle. The only active FX markets are NZ and Australia.

So, if it rains, it can easily pour. Its an uncommon event, but it does happen in this susceptible time slot.

The AAPL news earlier kicked of a bout of risk aversion:

• Apple has cut its Q1 revenue guidance
• Apple commentary on China's economy ... sharp contraction in market

Apple citing China economic weakness was a particular barb for the AUD. If China economic weakness is news to you … well it should not be. Knowing that is essential background information. The AAPL announcement was then the catalyst.