We’re seeing a flight-to-safety bid amid suggestions that Donald Trump might have tried to rope two top intel chiefs into his attempt to obstruct the Russia investigation and as information continues to come in from Manchester where multiple fatalities have been reported after an explosion at an Ariana Grande concert.

USDJPY fell quickly when WaPo first reported the Trump story. “Dollar/yen’s decline towards 111 was triggered by a Washington Post report which refueled concerns about U.S. political uncertainties,” Yuji Saito, executive director at Credit Agricole CIB’s forex department in Tokyo said.

Since then, we’ve seen another leg lower:

“USD/JPY is being sold by leveraged accounts and short-term macro funds in response to a Washington Post article saying President Trump asked intelligence chiefs to deny Russian collusion,” another Asia-based FX trader remarked, adding that “clients aren’t chasing spot lower too aggressively in case news flow around this story dries up and compels short-covering.”