US equities lose some altitude but USD/JPY doesn’t

The S&P 500 has pared its intraday gain to 28 points, or about half of what it was a few hours ago.

There’s no correlation with USD/JPY today as BOJ-inspired flows dominate instead. That pair is at the highs of US trading, up 147 pips to 104.91.

For US stocks, a fall into the opening ‘gap’ could inspire further selling in what’s been a volatile two day period following the Fed. In terms of a breakdown, the Nasdaq still leads the way with a 1.4% gain.