Stock indexes traded firm late Friday but off midday highs amid two-way position squaring flow, otherwise no obvious headline driver ahead the weekend. SPX emini futures currently +63.25 (1.61%) at 3991 vs. 4034.75H, Dow Industrials +235.79 (0.74%) at 31967.04, Nasdaq +341.9 (3%) at 11714.33.
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A YouGov report has shown that Republicans are significantly more distrusting of government statistics that Democrats.
Chart 1: Trust in government statistics (YouGov)
USDJPY maintains its firmer tone and has this morning resumed its uptrend and traded to a fresh cycle high. The pair has also cleared the 126.00 handle. The break higher reinforces underlying bullish conditions and signals potential for a continuation of the uptrend near-term. The trend condition is overbought, however, this is not slowing the trend in any way at this stage. Key trend support has been defined at 121.28, the Mar 31 low.