The debt ceiling agreement led to a brief flurry of trading early in the day but much of that has now faded. It is surprising to see USD/JPY 35 pips lower because the flood of Treasury issuance should presumably push yields higher but that may already have been priced in late last week. Prior to today, USD/JPY had risen in 10 of the past 12 sessions so it may have been due for some profit taking and when it opened and ran to 140.90, sellers to the opportunity.
Both the US and UK are holiday today so trading is light and the economic calendar is bare.
A popular idea is that people will sell the debt ceiling bounce (similar to USD/JPY) and it’s a compelling argument because no one could have seriously thought the US would default. S&P 500 futures are up 9 points to 4222 after hitting 4243 earlier.
Bitcoin offers a counter point to that and is up 4% since late Friday, or about $1000 to $27,900.
bitcoin daily
That’s normally correlated to risk trades and, if anything, you would expect some bitcoin selling on tail risks around US debt.
Overall, I would be wary of reading anything into price action today in any market.