It's more about non-farm payrolls than trade
USD/JPY is back down to 107.00 and testing the Asia-Pacific low of 106.99 that came after Trump's latest tariff threat.
The latest drop is less about trade and more about soft jobs growth and modest wages growth in the latest non-farm payrolls report.
The big event on the US calendar later today is a speech from the Fed's Powell in Chicago. The topic is the economic outlook so it's almost sure to impact the US dollar.
