Disappointments weigh on FX markets overnight with the US fiscal cliff talks stalling as President Obama said he would not support Boehner's tax increase proposals and veto his Plan B. The BoJ increased its Asset Purchase Fund by JPY10 trillion as expected, but left out a revised inflation target saying instead it would wait until the January meeting to review it. Australian FinMin Swan admitted that a budget surplus in 2012-2013 is unlikely, and finally New Zealand 3Q GDP disappointed coming in just half the 0.4% gain expected. Net result, JPY and USD strengthened, EUR lost one cent, equities closed down 0.8% in the US and Japan. For Thursday, UK retail sales grab attention at 0930 GMT.
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