What desks are open are reporting low trading flows
I thought I'd pop in to wish you all a happy New Year. As you may know it's still a bank holiday here in the UK, US and a few other places, and only the suckers in Europe are back to work.
European stocks are open and still looking positive. The dollar has staged a bit of an early new year comeback but what desk are open are reporting very low liquidity, and even more so now the only data today has passed.
The only real business passing through is some year-end/new year tidying up of positions and we won't really be seeing anything in earnest until tomorrow.
The dollar and USDJPY is perhaps one currency that could start the year well, if today's PA is anything to go by. The holiday sell off didn't look anything more than a bit of profit taking and general lack of interest so I'm not overly surprised to see it higher today. The real litmus test will be tomorrow. If we see strong gains again then that might be a good indication that the bullish theme is going to continue.
I'm going to wring out the last of this little break with a trip to the footy and tomorrow we can fire up the pip digger ready for the new year.