OPEC curve ball.

Today OPEC announced a cut in future oil production, which, in the law of supply and demand, would increase the price of oil. If the price of oil goes up, that's a worry for the future course of inflation. And the market reacted accordingly, with moves that would suggest a negative risk environment. Which explains why the market didn't rally on the softer core PCE number.

As the dust settles, the OPEC news isn't significant enough to derail the 'soft landing' narrative and currently, I still think JPY or USD shorts are a viable trade. Depending on how the USD JPY chart looks will determine which currency is the best one to short, placing a stop loss behind a 1hr swing.

At the time of writing, my short currency of choice is the JPY.