USD flows: USD a bit softer after trade data

US data showed marginal revisions to GDP and a very slight decline in initial claims, but the trade data was significant, with the deficit larger than expected once again and above $100bn. The USD is little lower against the European currencies, but we would expect a steady story for the rest of the day. There is still a lot of tension in the USD/JPY situation, but if we don’t see BoJ intervention this week we can expect a further push higher until the BoJ get involved, so sooner or later it looks like they will have to act.