Futuress

I won't go in to the nitty gritty just now, but as far as I can tell, the RBA leaving rates unchanged at 2.75% overnight seems to have re-ignited the USD/JPY carry trade-risk, unbelievably, which lifted ES overnight, However, I do think what is done is done and it doesn't seem to be helping much now any more.

 USD/JPY overnight lifts ES.... but

Can't hold it....

We'll find out soon enough if the correlation with FX has flipped the 4th or 5th time in less than 2 weeks.

As far as I'm concerned, we are still perfectly on track.