Thursday was probably the last real trading day of the year in the US. Making matters worse today is that Japan is closed for the Emperor’s Birthday national holiday.

At 0135 GMT, MNI releases its December China business sentiment survey. The previous reading was +55.52. Otherwise, the calendar is empty until French GDP at 0630 GMT.

Liquidity should be very thin for the next few hours and it may be difficult to make sense of any volatility.