Relatively quiet morning so far although there has been some AUD/JPY selling reported. With the EUR and AUD having made decent gains against the USD overnight, many would have expected the JPY crosses to also make some ground but in fact the fall in USD/JPY outpaced the other majors. This might lead to some long liquidation in the crosses before the weekend. The S&P rose again but the JPY crosses fell- a worrying sign for ‘risk’ traders.