For the time being, the world’s sick currency has to be the yen.
The country’s economy is in shambles, and its central bank isn’t even giving the vaguest hints of tightening. At least in the US there are some hawkish Fed members speaking out.
This chart shows three pairs: EUR/USD, EUR/JPY, and USD/JPY. It makes it pretty clear who’s boss (the euro).
As ForexLive notes, the spread between JGB and German government bonds has hit a new record level.