EUR/USD, USD/JPY, USD/CHF flows: JPY down and CHF up, but

Europe has started off with a move lower on the JPY against the USD and EUR, while in contrast the CHF has moved higher against the EUR and across the board.  However, this is not news driven but rather flow driven and traders find it difficult to see long lasting meaning in the moves.  The mood is mixed going into next week.  The USD bears sees this week price action as a taster of a week USD in January, but others are more cautious given the prospect of some short-covering before the key U.S. data next week.  We would feel that the USD could see a partial correction next week, not only on the approach of the data but also as Fed officials will likely try to dampen the scale of rate cuts now discounted in the market.