FX market steady in early European trade
There is the usual jockeying for positions in early European trade but very little happening overall and the majors are trading in 15/20 pip ranges. Corporate orders have really dried up now and flows are expected to be light for the next 3 weeks. Many of the big Sovereign and real money players will also be quiet over the holiday period so market moves are more likely to be driven by speculator flows.
Late December is traditionally one of the most profitable periods for the pure market makers as they take advantage of wider spreads and increased volatility.