The week in Asia ended in an exciting fashion today as declines in the Swiss Franc sent the market into a flurry of action. In moves that were reminiscent of yesterday's Euro move lower, EUR/CHF broke through a major barrier at the 1.5000 level and subsequently fell straight to 1.4910 levels in a massive stop driven purge that took many by surprise. The Swiss move that came amidst rumors of SNB intervention started a reaction that led to a huge sell off in risk. USD/CHF dropped from 1.0475 to 1.0385 on the move, as stops triggered on a thinned pre holiday market.

 The yen crosses all took a hit on the move, although risk was abating prior to the move due to rumors of a coup d'etat in Pakistan. EUR/JPY dipped 150 pips to a 127.50 low, GBP/JPY ripped lower by almost two handles to 143.61, and AUD/JPY slipped over a big figure to lows under 78.60. The moves were eventually reversed as the Swiss Franc eased off of highs and the rumors of the coup were dismissed. USD/JPY was close to unchanged near 89.80 as the day ended, and the Bank of Japan leaving rates unchanged at 0.10% as expected had no impact on the markets.

The theme of the second half of the day was renewed risk appetite as the EUR/USD erased 1.4305 lows to post highs over the 1.4410 mark. AUD/USD was able to break over the 0.8900 level after an earlier visit to 0.8810, and NZD/USD was able to push through the 0.7125 level after a 0.7065 low. Spot gold began the day near $1095.00 per ounce and gradually made its way near an $1109.00 high after a colossal drop from $1141.00 levels just 24 hours ago.

With no data due out in the US tomorrow expect traders to continue squaring up positions heading into the holiday shortened week and year end. Have a nice weekend.