It has been a relatively quiet session here in Asia with USD/JPY trading a miserly 13 pip range (Tokyo is on holiday) and the EUR settling down after some early worries. The situation in Ireland has certainly changed from about 24 hours ago and it will be interesting to see what European traders make of it all. The Irish newspapers are suggesting that although a general election will be called for late January, all budget proposals related to the EU/IMF bail-out will go through as planned on December 11th. That can of course change at any time.