Narrow ranges have been prevailing in very subdued trade. Several Asian centres were closed either for a half or full day, including Japanese markets, which were closed for the Emperor’s Birthday. Many interbank market participants will be unofficially be calling it a half day in London today, too, and many centres will be down to skeletal staffing levels until the new year. USDJPY continued to ply a narrow range in the mid 117s, consolidating after logging a trend high at 118.66 last week. EURUSD made time in the mid 1.04s after logging an eight-day peak at 1.0499 yesterday amid what was a broad euro advance. Cable was likewise drifting lower and currently trade mid 1.22s having been below 1.2300 most of yesterday. AUDUSD matched yesterday’s one-month low at 0.7197.
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