The US dollar has been quiet as the liquidity starts to disappear, as the market is likely to continue to see a lot of questions asked about whether it can strengthen even further. With the Fed likely to be a bit more hawkish next year, the dollar could run further.

The Euro has gone back and forth during the course of the early hours on Christmas Eve, which you would expect to be somewhat quiet markets around the world. Some are a little bit livelier than others, but it is worth noting it is a bank holiday in Germany. So that obviously had a major influence on liquidity. That being said, when we look at this chart, the 1.03 level is an obvious support level. So, we do need to pay close attention to it. Breaking down below there would of course be negative.