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US stocks lower amid rapid price action as USD/JPY hands it back ahead of US PMI release

In the previous update, I noted the potential for the US stock markets to reopen lower this afternoon, following the comments from John Williams. Well, that is pretty much what happened and we have seen some volatile price action in early trading, most notably on the Dow Jones. The S+P 500 has been pretty steady by comparison, but then again is always is. That said the early rebound in the Dow does not seem to be holding water right now and I repeat all the caveats at stated here earlier about the quad witching and the S+P and those remarks from Williams and what impact that might all have. So, a little earlier the USD/JPY came perilously close to that 142.50 level and rejected it for a second time today. That has now seen the dollar fall back towards 141.75. However that is not delivering gains for the EUR/USD or the GBP/USD right now, because we appear to have an element of risk aversion creeping into the major Yen crosses right now too. In a couple of minuets the markets will also react to the US PMI data when that hits the screens 
 

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