Markets unsurprisingly muted as focus.........>

FOREX: Markets unsurprisingly muted as focus switches to the holidays

-The European session finished much the way it started, with currencies quiet

ahead of holiday closures. European and US sessions were truncated with early

closures, limiting interest in FX markets and thereby muting volumes, liquidity

and price action. Both data releases and newsflow were few and far between,

leaving little of interest in the Tuesday session. This will likely remain the

case until January 2nd, when markets resume in full force globally.

-US markets have a limited opening Thursday while Europe and UK markets will be

closed, with Friday the next full day of trade - although desks will likely

remain sporadically occupied. Dec30 and Dec31 also see a handful of exchange

closures and early closes.

-That said before the end of the year, MNI Chicago PMI, pending home sales,

trade balance and wholesale inventories numbers are due from the US.

Manufacturing and non-manufacturing PMIs are also up from China, which may

garner some focus.