Into yen and out of CAD is the in a nutshell response to President Trump backing out of his G7 agreement: 

USD/JPY is around 109.25, down from 109.45-odd late NY time on Friday

USD/CAD up around 1.3000, from around 1.2925 or so late Friday

Trump’s tweet has thrown the G7 into confusion. It looks like there will be no US signature on the agreement reached.

Meanwhile, President Trump is off to Singapore to meet with North Korea’s dictator.

On market liquidity – markets holidays in Australia today will mean the extra-thin start of week trading will persist longer than normal this morning. Its going just 5.30am in Tokyo, so another few hours at least until there is some resemblance to normality for liquidity. 

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