Absolutely nothing happening in the pre-Tokyo market and most dealers seem to think we may have a quiet day as the US markets are having a long weekend. There seem to be few orders of note close to the market, although I’ve heard of some decent bids in EUR/GBP at .8700. Japanese exporters are expected to be on the offer above 93.00 in USD/JPY although the necessity to chase the market lower now seems to be easing. We will probably need to see some volatility on the Nikkei or in Shanghai to inject some life into today’s FX proceedings.