The S&P has added an additional 10 points after the data and is up 2.5% as ISM surprises to the upside. US interest rates continue to rise, helped in part by talk of a big asset allocation trade out of high-priced bonds into cheap stocks (in theory). 10-year notes are now at 2.60%, up 13 bp on the day. Oil has taken back much of its losses from yesterday, now at $73.45, up $1.55.
USD/JPY is close to 84.66 highs from yesterday. Stops are at 84.70.
If the Japanese authorities had any brains they would jam USD/JPY higher right now…
