Market Overview

European Morning Wrap: Euro Slowly Regains Poise

BOJ's Shirakawa: BOJ will conduct powerful easing seemlessly
Japan LDP senior official: Will decide on emergency economic package on January 15. Will need significant fiscal spending for supplementary budget
Japan launches trade dispute against China at the WTO over anti-dumping duties on high performance stainless steel seamless tubes
UK November retail sales inc fuel flat m/m, ex fuel +0.1% m/m, weaker than Reuters' median forecasts of +0.3%, +0.4% respectively
Italy October retail sales -1.0% m/m, -3.8% y/y, both declines steepest since April
Spain to ask for bailout in Q1 2013 say Citi, Rabobank
Finnish FinMin cuts 2013 GDP growth outlook to +0.5% from previous +1.0%
Catalan seperatists unite, promise referendum in 2014
World Bank fears fresh credit bubble in China on hot money flows - AEP at The Telegraph

What a pain this morning has been. Euro has made some marginal gains.

EUR/USD up at 1.3245 from early 1.3210. As I sat down the pairing went 1.3215 bid.  It took another five and a half hours to tack on the additional 30 pips or so. The ascent was sooooo slow as to be almost imperceptible.  Talk of sell orders clustered 1.3250/65.  Obviously 1.3310 (2012 high) remains an early euro bull target. Will they attain it before Christmas?  Not at this bloody rate ;)

USD/JPY effectively unchanged at 83.97.  The market pausing for thought after the BOJ duly obliged with 10 trillion yen easing overnight.

Cable up marginally at 1.6265 from early 1.6250, brushing off weaker than expected UK retail sales data. EUR/GBP up slightly at .8145 from early .8130.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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