US trade figures are due out shortly. A $29bln deficit is expected, about half of year ago levels. The data has had little impact o markets in recent months, however, so it will likely take a number that differs sharply from the consensus to change the market’s focus.
JPY buying is the early focus with heavy selling of EUR/JPY seen out of London this morning. Non-existent Japanese demand for investment trusts in foreign currencies (toshin) in Tokyo today has broiught out fresh selling of JPY crosses.
