Markets were quiet, as the US celebrated the Memorial Day holiday, taking a long weekend along with the UK. This insured there was a quiet start for global markets with little in the way of economic data releases. The Yen continued to give ground, breaking above 111.00, with flat local retail sales. There has been a gradual degradation of the JPY, since the Bank of Japan threatened intervention, as expected. Commodity currencies traded in a range, with the NZD testing 0.6700, while the AUD failed to regain 0.7200. Further rate cuts by the RBA or RBNZ seem unlikely considering the pending threats to raise rates by the Fed. Central Banks remain the major driver of equity and currency markets, although economic data will influence daily moves, as will be seen for the remainder of the week.