The Japanese Yen crosses continued to gain ground as the Dow rallied another 178 points.
Risk appetite is returning to the markets but we caution traders against becoming overly excited because the strong volatility and global easing will make it difficult for carry trades to return their glory days. Japanese economic data released last night was mixed. CGPI increased more than expected, reflecting strong inflationary pressures, but the trade surplus and consumer confidence deteriorated. Fourth quarter GDP is expected to remain unchanged.