The Pound And The Yen Both Instantly Tank To Start The Week

The week begins, and we have our first two big losers.

Both the pound (here) and the yen (here) are gapping lower in early currency trading.

What's going on?

In the U.K., this is a reaction to the downgrade.

And in Japan, this is a result of the fact that the next Bank of Japan governor is likely to be Haruhiko Kuroda, the head of the Asian Development Bank. He is described by Reuters as an advocate of aggressive monetary easing.

So Japan will keep up the monetary gas-pump, and the pound continues to take its shellacking due to debt, a weak economy, and expectations of more easing.

These are the two most-hated currencies in the world right now, and today is a classic example of why.