ForexLive European FX news wrap: Yen on the backfoot; big events this week eyed

<p>Headlines:</p><ul><li><a href="https://www.forexlive.com/news/quiet-trading-so-far-but-plenty-still-to-come-later-in-the-week-20231211/">Quiet trading so far but plenty still to come later in the week</a></li><li><a href="https://www.forexlive.com/news/usdjpy-further-retraces-the-thursday-drop-from-last-week-20231211/">USD/JPY further retraces the Thursday drop from last week</a></li><li><a href="https://www.forexlive.com/news/boj-reportedly-sees-little-necessity-to-rush-an-end-to-negative-rates-this-month-20231211/">BOJ reportedly sees little necessity to rush an end to negative rates this month</a></li><li><a href="https://www.forexlive.com/news/snb-total-sight-deposits-we-8-december-chf-4717-bn-vs-chf-4741-bn-prior-20231211/">SNB total sight deposits w.e. 8 December CHF 471.7 bn vs CHF 474.1 bn prior</a></li><li><a href="https://www.forexlive.com/news/snb-to-keep-key-policy-rate-unchanged-until-at-least-q3-next-year-reuters-poll-20231211/">SNB to keep key policy rate unchanged until at least Q3 next year – Reuters poll</a></li><li><a href="https://www.forexlive.com/news/goldman-sachs-brings-forward-fed-rate-cut-timing-to-q3-next-year-20231211/">Goldman Sachs brings forward expectations for Fed rate cut timing to Q3 next year</a></li></ul><p>Markets:</p><ul><li>GBP leads, JPY lags on the day</li><li>European equities mixed; S&amp;P 500 futures down 0.1%</li><li>US 10-year yields up 2.9 bps to 4.273%</li><li>Gold down 0.5% to $1,994.24</li><li>WTI crude down 0.2% to $71.09</li><li>Bitcoin down 5.2% to $42,205</li></ul><p>It was a quiet session as markets are easing into the new week, awaiting key risk events in the days ahead.</p><p>The Japanese yen was an early mover and weakened further in European morning trade, with a report noting that the BOJ isn't looking to rush any changes later this month. USD/JPY moved up from 145.50 to 146.40 and is holding thereabouts, up 1% on the day currently.</p><p>The rest of the major currencies bloc saw very little action with the dollar keeping steadier across the board. That comes amid a more tentative mood with equities not showing much appetite or interest. Meanwhile, bond yields are slightly higher but are still caught in a bit of a bind after the fall since late October.</p><p>In the commodities space, gold is also struggling slightly with price falling back below $2,000 while oil is little changed just above $71 as price is continuing to hold above its 200-week moving average for now.</p>

This article was written by Justin Low at www.forexlive.com.