USD/JPY is throwing a spanner in the works, failing to rally despite follow-through buying in US equities. Either the correlation has broken down or stocks or USD/JPY is wrong. Dealers say there is very little speculative interest so that old correlations may prove imperfect in the weeks ahead as the markets wind down for year-end. The greenback is orbiting either side of the 93.00 level, well short of overnight highs which approached 94.00. Stocks trade up 230 points about 40 minutes into the cash session.
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