With Japan closed, and unable for now to do more damage (or damage control), China stepped in with some modest turmoil of its own by strengthening the Yuan fix by the most since 2005, pressuring the USD weaker for the 5th day in a row. Commodities have tended to push higher on the back of this with Crude above $46.50 but Gold and Silver have surged to fresh 15 month highs (over $1275 and near $18 respectively).

The biggest strengthenig in Yuan fix (implicitly pressuring the USD weaker) since 2005...

Sent PMs higher overnight...

And lifted crude (June) to the highest since Thanksgiving...up 4 days in a row

As it appears crude is playing catch up with gold post-BoJ...

A lack of BoJ "help" has left S&P futures trading in a very narrow range overnight - oscillating around VWAP...