All change- USD/JPY rebounds as global stocks lift

Since the last update here, the European stock markets have recovered their earlier opening losses and that has seen the DAX push back above 18,640 just now. To be honest the opening losses were a little surprising, given the German Factory orders data, but as you can see that has now helped the index higher it seems. At the same time the US futures are all higher now too. That has helped the USD/JPY to rebound, but as usual it is not exactly clear which is leading the other and it could be the Nikkei 225 futures were at the heart of all those moves, as they are now higher. So, earlier the USD/JPY came very close to falling below the 143 handle, but in the event the downside move stalled at 143.05 and now it has just lifted above 143.65. The USD/JPY will be the major mover in the FX markets again today, as indeed it is already and it has been that way since the very beginning of August.