USD/JPY comes off highs as US stock markets prepare to open
The US stock markets will very shortly reopen for live trading and since my last update the outlook for that has improved further and that seems in part to have weighed on the dollar. The EUR/USD has reclaimed the 1.07 handle again, but has yet to set a new high on the day, above 1.0716. The GBP/USD is edging a little higher too, but it is the USD/JPY that has led the move lower in the dollar. The USD/JPY has not fallen by much, but it is back below 151 and that has been enough to push cross related flow back into the EUR/USD and the GBP/USD, despite US yields not moving. So, the USD index (USDX) is lower too, as this interim relapse in the US currency extends across the major commodity pairs as well. The USD/JPY reached 151.19 earlier this morning. It is currently trading at 150.90
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