Now that Christmas week will begin, I do not want to say big risky things happening. Last week is another week of a range trading, FX market simply followed up and down of US interest rate. I still feel Euro downside risk is higher than upper potential. Market reaction about possible down grade risk of European nations was limited however both US interest rate upper risk and European bond risk show downside potential of Euro. USDYEN is still unlikely to break bothside and the range trading should be continued. Please have a nice Xmas week ahead.