USDJPY continued to operate in a heavy........>

FOREX: USDJPY continued to operate in a heavy manner into Friday's NY open.

Recovery efforts briefly touched 105.29 but the pair was quick to pare gains as

President Trump stated that he was considering vetoing the $1.3tln Spending

Bill. USDJPY touched pullback lows of 104.80, but later reclaimed the 105 handle

after Trump signed off the bill. Although a heavy equity session saw the pair

close around 104.75, where we trade last.

- Hawkish remarks from BoE's Vlieghe triggered GBP demand on Friday, with

GBPUSSD now trading around 1.4150. 

- CAD strength was apparent on Friday, following the stronger-than-expected

domestic CPI release, while a firmer oil & gold backdrop supported the AUD &

NZD. The 3-major commodity currencies trade largely unchanged vs. USD in early

dealing this week.

- The majors have operated in a narrow range in early dealing this week.

- USDZAR knee-jerked lower after Moody's affirmed the country's credit rating &

raised its outlook to stable, meaning that it escaped the "Junk" credit rating

for now, although the pair last trades around session highs.