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The United States and public holidays held trading back. USD/JPY down

The debt ceiling agreement led to a brief flurry of trading early in the day, but much of that has now faded. It’s surprising to see USD/JPY 35 pips lower as the flood of Treasury issues is likely to push yields higher, but that may have already been priced in at the end of last week. Prior to today, USD/JPY had risen in 10 of the last 12 sessions, so it may have been due to profit taking and when it opened and ran to 140.90, sellers seized the opportunity.

The US and UK are on vacation today, so trade is light and the economic calendar is blank.

A popular idea is that people will sell the debt cap bounce (similar to USD/JPY) and that’s a compelling argument because no one could have seriously thought the US would default. S&P 500 futures are up 9 points at 4222 after hitting 4243 earlier.

Bitcoin offers a counterpoint to this and is up 4% since Friday night, around $1,000 to $27,900.

every day bitcoins

This is normally correlated with risky trades, and if so, you would expect bitcoin to sell on the tail risks of US debt.

Overall, I would be wary of reading anything in price action today in any market.


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