Markets sent USD/JPY below 114 on risk-off - ANZ

Analysts at ANZ explained that the USD was a touch firmer in the run up to the NY open, however gains broadly reversed as USD/JPY fell below 114. 

Key Quotes:

"A general risk-off tone was seen, perhaps in part due to continued fallout from US President Trump’s executive order on immigration from the weekend."

"US bourses are currently down about 0.9%, with airline stocks underperforming (down 31⁄2%). US yields gyrated between small gains and losses and are currently down 1-2bps across the curve."

"Gold is trading just shy of $1,200/oz, while oil is off about 0.5%. There was little reaction to US data that still appears consistent with the Fed’s forecast of gradual hikes in 2017."