Morning all.. Another choppy session which saw the S&P finally close up just 0.23% as oil dominated markets again. Oil is lower again in Asia and apart from the Nikkei which finished up on a higher USDJPY, most Asian markets were lower. A fifth-consecutive day of near seven-year lows was made for WTI after it finished down -1.08% at $36.76, the latest fall not helped by OPEC reporting that November crude production was the highest in three years. Brent closed below $40 for the first time in this recent sell-off. That OPEC meeting last Friday feels like a long time ago, with prices now 13% down from the pre-meeting highs that day. Asia woke up to see USDJPY creep higher. It lasted till lunchtime when USDJPY hit a high of 122.23, which means we have retraced more than half the losses seen two sessions ago. There was no news or specific development behind the move and other FX rates were quiet. Technicals notes that the short term USDJPY rally would be stronger still above the 122.26-42 resistance zone. The pair has also held the 55 week moving average this week. If anything, the USD is slightly stronger but nothing major. It is probably too soon to say what happens to the USD in the short term before today’s US retails sales. Due to oil, more attention is turning to USDCAD which continues to make higher highs and is beginning to sustain above the 1.3457 level – the high that was posted in September. In the UK the latest construction output numbers are due. Over in the US this afternoon the main focus will be on the retail sales data, although it’s also worth keeping a close eye on the November PPI print, particular the details on the healthcare industries series which is used to construct the healthcare services component of the core PCE deflator. Good luck..