USD/JPY jumped following the better PMI from S&P Global, particularly on the services side. The sharp deterioration in the ISM services index this month raised some worries about a hard landing and the better numbers here might have soothed that.

However a short time later, the Richmond Fed manufacturing index fell and the dollar gave it all back. We've seen similar choppy action throughout the FX market and in equities and commodities as well. The volatility speaks to the uncertainty out there. Beyond that, it's tough to get an edge as the market teeters between enthusiasm about lower Fed rates and worry about a poor economy.

USDJPY 15 mins d