It’s a sorry state of affairs when 50 pip move in a yen cross is the highlight of the day so far but we’re getting some directional moves at the moment.

As the US stock market opens USD/JPY is testing yesterdays lows at 101.65 and the crosses are faring worse with GBP/JPY off nearly 60 pips from the highs now at 172.89. EUR/JPY is was putting in a stern defence around 138.30. 138.13 the low now

EUR/CHF is continuing to head towards 1.2150 while AUD/USD is once again trying its luck above 0.9400 at 0.9412

US stocks have opened down with the S&P -5 at 1954 and the Dow -26 at 16841. The Nasdaq is off 5 at 4373.

Those income and spending numbers may be weighing on stocks but the theme for risk trades today is lower. Gold is also looking soft -4 at 1314

As I type EUR/USD Has cracked 1.3600 again as EUR/JPY breaks down through 138.30. 1.3587 the low so far as the risk off trade gathers pace