Published at 12:23 (GMT) 20 Nov

USDJPY

The latest USD buying was so pointed that even USD/JPY went up! Here the latest background of the latest bout of risk aversion has been talk in the CEE markets of a Ukrainian default. But though the Ukraine is certainly in trouble, we don't think a default is anywhere close to being imminent, and suggest that it comes from an area quite expert in pushing out stories that might have some credibility, this time with the definite intent on cracking through the bottom end of the 1.48-1.51 DNT due to expire today. But it wont be easy - there is still plenty of ammunition available to the defender! C.F.