FX markets have continued to experience very low volatility over the past 24 hours, with little in the way of news or events to stimulate much trading activity. EURUSD remains around 1.3060 levels, and USDJPY is still lodged in its long-standing range between 77.75 -78.00. Asian equity markets have struggled once again today with the Nikkei once again trading lower by -0.2% and the Hang Seng -0.7%.
Earlier in the Asian session we got a glut of data out of Japan, but there was not much reaction to the results. National CPI for November dipped to -0.5% YoY (-0.4% expected, -0.2% prior), but the Tokyo CPI figures for December actually improved to -0.4% YoY (-0.6% expected, -0.8% prior). Retail trade in November was a deeply disappointing -2.3% compared to forecasts looking for 0.0%, and industrial production also undershot expectations significantly at -2.6% MoM, -4.0% YoY (consensus looking for -0.8% MoM, -2.0% YoY).
In today's session there is a very limited economic release schedule; Swedish November retail sales are forecast to drop to -0.3% MoM, -1.0% YoY (compared to October's 0.4% MoM, -0.5% YoY reading), then we round out the morning with Swiss KOF leading indicators (expecting 0.23 versus last month's 0.35).
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