US stocks continue to grind higher but USD/JPY unimpressed

S&P 500 at the highs of the day

US stocks have recouped more than half of yesterday’s losses. The S&P 500 is up 38 points to 2850 after falling 69 points yesterday.

The market is feeling better about the chances of a US-China trade deal after some upbeat comments from Trump. However it’s all very vague at the moment and tension remains high.

The volatility in the FX market remains much lower than in stocks. USD/JPY is up 37 pips to 109.67 but has hardly budged all day and remains below the Asian highs. The rebounds in yen crosses are similarly uninspired.


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