A look at the day ahead in European and global markets

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It's been a mildly risk-off start to the week with most share indices in the red, the dollar up and Treasury yields down a touch, though there was no obvious catalyst for the moves.

The dollar got as far as 159.94 yen in early trading sparking the usual warnings from Japanese officials against "excessive" volatility, shorthand for an intervention alarm. The 160.00 level is seen as a red line for the Japanese given they intervened in late April when the dollar reached 160.245.

The yen's weakness adds to imported inflation and puts pressure on the Bank of Japan (BoJ) to further unwind its super-easy policies. Minutes of the central bank's last meeting confirmed there was much discussion about tapering its bond buying and nudging rates higher.

The steady decline in the yen is also rippling across emerging markets, putting Asian currencies under stress as they need to drop to keep exports competitive[continue reading....]
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