Caught some wild moves in forex this Friday. The yen just went off - Japan stepped in for the first time in almost two years to prop it up after USD/JPY hit levels we hadn't seen since July. The pair was sitting above 160.70 before the intervention kicked in, then dropped over 2% in a single day. Pretty dramatic stuff if you were watching the charts.

By Friday morning, it bounced back above 157, but then got slammed again during European hours. Looks like they might have done a second round of intervention to keep things in check. Meanwhile, the dollar index fell nearly 1% on Thursday - the yen weakness is real, but it's also pulling the whole dollar down with it. If you're looking at USD to CAD conversions right now, the greenback is taking a beating across the board.

On the geopolitical side, things are tense. Iran's saying no way to opening the Strait of Hormuz because of what they're calling ceasefire violations, while the US is trying to figure out how to keep things flowing. That's adding uncertainty to energy prices and keeping traders on edge.

The ECB held rates steady but the talk is they might hike in June if oil stays above $100. BoE also kept rates where they are, though one member wanted to go higher. GBP/USD actually gained almost 1% Thursday and hit levels we haven't seen since mid-February. Gold jumped over 1.5% yesterday riding the dollar weakness, though it's struggling to hold those gains this morning. Lot of moving pieces right now.