With no major economic numbers other than the US leading indicators report released this morning, carry trades have moved in lockstep with the Dow.
US stocks were up more than 150 points intraday, triggering a sharp rally in carry trades. However other than USD/JPY and CAD/JPY, none of the Japanese Yen crosses managed to hold onto their earlier gains. The Bank of Japan is expected to leave interest rates unchanged tonight, which should be a nonevent for the Japanese Yen.