European morning wrap: Two weeks till Christmas……….

Author: Gerry Davies | Category: News

Pockets of activity, but when all said and done its been dull end of year fare this morning.

EUR/USD up 10 pips from when I arrived, presently at 1.2965.  Early reports had sell orders clustered up at 1.2970/80 and even demonstrably better than expected ZEW survey data wasn’t enough to take them out.

USD/JPY up marginally at 82.50 from early 82.30, EUR/JPY up at 107.00 from early 106.70.  Japanese election looms this coming weekend and LDP’s Abe continues to look a shoe-in to be Japans’ next Prime Minister.  With Abe will come accelerated monetary easing.

USD/CHF up at .9345 from early .9322, EUR/CHF up at 1.2110 from early 1.2080. Swiss franc weakness comes as UBS joins Credit Suisse in introducing charges on swiss franc balances (see above)