There isn't a great explanation for it
The stock market is coming under some fresh pressure. The message from Clarida was dovish and we saw that in FX and initially in equities but it's going the other way now.
That's also helped to send USD/JPY to the lows of the day.
One thing to worry about in the week ahead is a report that Mike Pence will deliver a 'major' China speech on Thursday.
Last October, Pence arguably gave the defining speech of Trump's presidency in what was basically a call-to-arms against China.
Another reason for the decline is that shares of Boeing have quickly tumbled 3% on a Reuters report saying employees misled the FAA about the safety of the 737 Max.
Update: The Pence speech will take place at the Wilson Center at the Conrad Hotel in Washington and is described as a major policy speech. The address will "reflect on the U.S.-China relationship over the past year and look at the future of our relationship," according to a Reuters source.
