The air is starting to feel a bit thin out there

  • USD/JPY has fallen from 146.00 at the start of the session to 144.75 currently
USDJPY M1
USD/JPY 1-minute chart

S&P 500 futures have also trimmed a chunk of its gains, now seen up just 0.6% on the day. Nasdaq futures are only up 0.8% after having been up roughly 2% at the tail end of Asia trading. There's still plenty of volatility out there, so the swings here are not anything uncommon. But there's certainly a sense that the air of optimism is thinning out in the last hour or so. That is something to be mindful of as we gear towards US trading later.

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