- Quiet session ahead of the Christmas period with Japan closed for the Emperors Birthday Holiday.
- USD/JPY gapped a little higher in response to weekend reports of Abe still piling the pressure on the BOJ; if they don’t adopt a 2pct inflation target he’ll ‘revise’ the BOJ Act. He also mentioned 90 as a USD/JPY rate that would be beneficial to Japanese exporters. The Yen recovered some ground on speculative position squaring ahead of the break in the afternoon.
- ‘Risk’ had a soft day, in tight ranges. EUR, AUD, NZD, GBP all weakening in the morning, but all recovered ground in the afternoon on local players position squaring ahead of the holiday.
- The only data today was the December UK Hometrack House Price survey: M/M -0.1% (prior was -0.1%)
There was no new news on the Fiscal Cliff front.
Wishing a Happy and Safe Christmas to all! If Christmas is not your thing, have a Happy and Safe holiday time.
