It's Not the Data

We should see a gap up from a steady rise in the overnight session being given credit because of better than expected Chinese and European PMI's, the US markets don't care about that right now, they rallied this morning on an Initial Claims miss and a pretty big one, if you're looking for a reason, look no further than USD/JPY

Russell 2k futures overnight rally at bad Initial Claims print

USD/JPY up steady all night.