Futures higher
S&P 500 futures point to a 35 point gain at the open following yesterday's 20-point gain. USD/JPY has disconnected from the risk trade today and the bond trade. There's talk of flows around Softbank but the move in the past hour would take some massive pockets.
The pair is at a six-week low and now within striking distance of 106.00.
In the S&P 500, the level to watch will be Friday's high of 3155.
Looking ahead, I don't understand why PMI estimates are as low as they are and I'd expect a beat on the Markit data. The risk is that Florida cases kick off some risk aversion, because they should start to bounce back after yesterday's weekend effect.
