The foreign exchange markets are traditionally very quiet the Monday after Christmas because it is a bank and public holiday in the U.K., Canada, Australia, Switzerland, Germany and New Zealand. The lack of London traders is particularly significant because roughly 34 percent of the $3.98 trillion in daily turnover occurs in London. Although the U.S. and Tokyo markets are open today, volume is particularly light because most traders are still on vacation. Yet this did not stop equity traders from driving all 3 indices (Dow, Nasdaq and S&P 500) to year to date highs. In response, the dollar sold off against every major currency except for the Japanese Yen.
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