The 30 pip move lower in USD/JPY today feels like a large move given the lack of excitement elsewhere. It’s not just FX, the stock market is stuck in slow motion. It’s been 49 consecutive days with a less than 1% move in the S&P 500, which is the longest streak in more than 20 years.
S&P 500 futures are pointing to a 5.5 point decline after a 2 point decline yesterday. Watch out for quarter-end flows in all asset classes.