Asian equities stabilized overnight after a large cash injection by PBoC. Furthermore, the short selling ban in China will expire on Jan 8th and we might see the true colours of the Chinese market.
Market participants still expect Jpy to strengthen/UsdJpy to fall. The sell-off yesterday was intense and the only Jpy I'd be inclined to short today is GbpJpy. Gbp remains one of the weaker currencies in G10 space so GbpJpy and GbpUsd are both good (short) candidates on a momentum step below their asian low. Just look our for the construction PMI (consensus is for a rise to 56.0 from 55.3) and the more important services PMI (tomorrow).
We also have Eurozone CPI today and German Unemployment.
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