Risk-off sentiment pressures high-beta currencies in European session

European markets showed defensive positioning with equity futures down 0.8% and safe-haven currencies gaining ground. USD/JPY fell 0.5% to 155.50 as the yen benefited from risk aversion, while AUD/USD dropped 0.6% to 0.6420 amid commodity weakness. EUR/USD remained relatively stable near 1.0750 despite the risk-off tone, supported by expectations of continued ECB hawkishness. The Swiss franc also gained, with USD/CHF declining 0.3% to 0.8980. Market participants cited concerns over global growth prospects and upcoming central bank decisions as key drivers of the cautious sentiment. Technical indicators show most risk-sensitive pairs testing key support levels, with AUD/USD approaching the 0.6400 psychological level. Traders are positioning defensively ahead of tomorrow's US PPI data and next week's central bank meetings, suggesting continued volatility in currency markets.