(MENAFN- FxPro) We've seen a nervous session in Asia as stocks in China were hit over fresh fears of the stability of the financial sector (more clamp downs from the regulator), the Shanghai composite down more than 5%. The yuan was also weaker, USDCNY moving up to the 6.3950 area. The impact on FX was mainly on the yen, with USDJPY moving below 122.40. Still, with the US Thanksgiving holiday yesterday also likely to keep volumes on the light side today, then overall ranges have been comparatively narrow. The yen crosses continue to look interest, with EURJPY sitting on the 130 level and EURGBP struggling to push through the 0.7000 level on a sustained basis. EURJPY continues to look the more vulnerable in my view into year end.
As mentioned, although US markets are open today, there are no data releases and many will also be taking today as a holiday. This keeps the focus on Europe, where we have further details on Q3 GDP in the UK, together with consumer and business confidence data in the Eurozone (at 10:00 GMT). Thereafter, the focus remains firmly fixed on next week's ECB meeting, where the market has confidently priced in policy action on several fronts from Draghi. This will keep the pressure on the single currency.
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