- Before the start of the session we had comments from Japanese opposition LDP leader Abe who said that he is not thinking of FX intervention to push JPY lower and that FX intervention is ineffective. - These comments are more hawkish than usual from Abe was recently suggesting that he would change Bank of Japan law to get a 2% inflation target.
- We have also had familiar indecision from EU leaders in Brussels as they fail to meet an agreement on the EU budget, Eu leaders will reconvene today at 1200CET but German Chancellor Merkel doubts that they can reach a deal at this summit and will need another summit next year to resolve the EU budget.