Headlines:
- Quiet trading so far but plenty still to come later in the week
- USD/JPY further retraces the Thursday drop from last week
- BOJ reportedly sees little necessity to rush an end to negative rates this month
- SNB total sight deposits w.e. 8 December CHF 471.7 bn vs CHF 474.1 bn prior
- SNB to keep key policy rate unchanged until at least Q3 next year - Reuters poll
- Goldman Sachs brings forward expectations for Fed rate cut timing to Q3 next year
Markets:
- GBP leads, JPY lags on the day
- European equities mixed; S&P 500 futures down 0.1%
- US 10-year yields up 2.9 bps to 4.273%
- Gold down 0.5% to $1,994.24
- WTI crude down 0.2% to $71.09
- Bitcoin down 5.2% to $42,205
It was a quiet session as markets are easing into the new week, awaiting key risk events in the days ahead.
The Japanese yen was an early mover and weakened further in European morning trade, with a report noting that the BOJ isn't looking to rush any changes later this month. USD/JPY moved up from 145.50 to 146.40 and is holding thereabouts, up 1% on the day currently.
The rest of the major currencies bloc saw very little action with the dollar keeping steadier across the board. That comes amid a more tentative mood with equities not showing much appetite or interest. Meanwhile, bond yields are slightly higher but are still caught in a bit of a bind after the fall since late October.
In the commodities space, gold is also struggling slightly with price falling back below $2,000 while oil is little changed just above $71 as price is continuing to hold above its 200-week moving average for now.
