A.M. Observations

Very early overnight it seemed futures were rallying in the budget deal in Congress (yet to be passed), but it didn't take long for that to completely stop, futures fell from overnight highs on Yen strength sending the carry pairs like EUR/JPY lower, also sending Index futures lower, however some recent weakness in the Yen and perhaps something else I haven't cued in on yet have created sudden EUR/JPY strength, we'll see what it is and if it will last. It doesn't seem Index futures are taking the upside cue very seriously so far.

EUR/JPY sudden strength after overnight weakness.