Wall Street’s preholiday rally has helped to take all of the Japanese Yen crosses higher.
There was no economic data released from Japan overnight, but they will be the only country releasing economic data on Monday and Tuesday. These reports should not be market moving however because most traders will be out for the holiday. Meanwhile sovereign wealth funds continue to dominate the headlines with Singapore’s state-owned Temasek Holdings planning to inject $5 billion into Merrill Lynch. They have become the new saviors for banks who have been badly burned by subprime losses. Expect this new trend to continue.