December kicks off to a buoyant start for the euro which is rising again despite weakish fundamentals. Optimism rules the crude oil market too after Russia and Opec agreed to keep production capped for an extra nine months. But US Treasuries are lower as yields soar on indications that the US tax reform package will soon be in place.

• Huge EUR snapback despite weakish EU CPI and strong headline US PCE
• EURNOK moves to within reach of 10 for first time since GFC
• Treasuries plunge as there may be sufficient Senate votes for tax reform
• Opec/Russia deliver a 9-month extension with a 3-month review date
• Attention turns to US and shale oil producers' ability to up production 
• Bond dump hits gold and especially silver
• Bad week for metals, especially industrial
• Chinese equity markets may be sending a warning signal