- USD weakened last week given the risk-on sentiment, while the Japanese yen remained in demand in the wake of the Bank of Japan's shock policy shift.
- USD also exhibited volatility last week as it fell after gaining post the Fed FOMC where the Fed hiked rates by 50 bps and gave hawkish guidance.
- The Fed has hiked its policy rate by 425 basis points this year from near zero to a 4.25-4.50% range, the highest since late 2007.
- The BOJ decided to change its "yield curve control" policy on Tuesday even as it kept broad policy settings unchanged. It is letting 10-year yields move 50 basis points on either side of its 0% target, wider than the previous 25-basis-point band.
- U.S. consumer confidence rose to an eight-month high in December.
- US GDP expanded 3.2% on year in the third quarter. The key data point was above the 2.9% estimate from a month ago.
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