S&P 500 failed to make a fresh high
The S&P 500 stalled just ahead of last week's all-time high of 2119 and is down 12 points to 2105. It's indicative of the sour mood throughout markets and has driven USD/JPY down to a session low at 119.46. It's part of a broader move to sell the dollar.
The driver is a round of soft car sales data from the Big 3 in the US. It shows that the US customer might be a bit weaker than thought.
So far the bond market is brushing off the news with 10-year yields flat at 2.08%. Buying US dollar dips has been the best trade for the past 8 months and that won't change on some car sales data but there's no reason to rush into it.
