USD/JPY, EUR/USD flows: Nvidia beat to keep risk propped

Nvidia shares were firmly up in extended trading after earnings that beat at $108 vs mkt $104, with revenue seen up 70% FY28, albeit continuing to highlight memory shortages as constraints. Kospi +1.5% overnight and Nasdaq future +0.6%, if off its highs, to continue its Aug range bounce action. The AI rollercoaster rolls on, with potential Anthropic IPO the next really big (make room, pump and dump?) event on the potential near-term horizon.

Next major event this week comes from Warsh on Friday. In the meantime, the ECB will release the accounts of the last meeting today which will give a flavour of current thinking and clues for Sep. The market is already almost fully priced for a hike so it would take something quite surprising to move the needle.