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Modest Defensive Trade in Holiday-Thinned Markets

FOREX

Currency markets were understandably a touch quieter than average on Thursday, with the Thanksgiving holidays stateside keeping newsflow and price action thin. JPY modestly outperformed as those still trading took a slightly defensive stance, with CHF rising in tandem. Recent ranges, however, were respected, providing few new technical signals.

In Sweden, the Riksbank opted to expand their QE programme by more than expected, adding an additional SEK 200bln of purchases. SEK was sold in response, prompting a 0.4% rally in EUR/SEK - although the majority of the move has since retraced.

JPY, CHF were strongest, GBP, NOK and SEK the weakest.

Focus Friday turns to French inflation & GDP numbers and speeches from ECB's Panetta & Schnabel. Nonetheless, partial closures across the US will likely keep action muted.

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