The big news seen overnight was the energy sector creeping higher as shares broke through January highs on the rally in crude oil prices.
Article / 17 December 2013 at 15:22 GMT

T'was the week before Christmas

FX Trade Strategist /

T'was the week before Christmas and in TradingFloor land,

Few traders were stirring and their trades were unplanned.

The rest of the players studied charts with great care

In hope that Bernanke would answer their prayer.

Pic: Johann Helgason

Photo: Johann Helgason /

The economists and strategists were scratching their heads,

Attempting to predict the words from the Feds.

With visions of tapers enhanced by nightcaps,

They reread old speeches and then needed long naps.

Pic: StockLite
Photo: StockLite / 

When out in Washington there arose such a clatter,

Traders sprang to their desks to see what was the matter.

They scrolled through the chat lines, news feeds and Squawks

To see what had happened, what was the talk?

Pic: ollyy
Photo: ollyy / 

The noon-hour beers had been downed rather quick,

Which made focusing, to many, a difficult trick.

On Saxo TV, what to my wondering eyes did appear?

The FOMC chairman, who was full of good cheer.

Photo: Albert H. Teich /

His eyes how they twinkled, his dimples like fruit

Masked his true feelings about being given the boot.

His droll little mouth was drawn up like a bow

And the beard of his chin was as grey as the snow.

"Labour markets improved," he said with a grin.

"To keep QE going would be considered a sin.

It's time to start tapering, the Fed knows for a fact."

And US dollar bears were about to get whacked.


Pic: Creative Illus /

Short Aussie, short kiwi, short yen and the loon,

The big dollar was soaring straight for the moon.

Black turned to red in a sea of red ink,

The move was so quick it was done in a blink.

Pic: Twin Design / 

And then Benny said, "But the timing's not right,

For long term rates are still as high as a kite."

The dollar gains were erased in the blink of an eye

As the FOMC keeps augmenting the money supply.

dollar printing


Bernanke walked from the podium, to his team gave a whistle.

They went off to dine, he was all out of missiles.

But I heard him exclaim 'ere he walked out of sight,

"Merry Christmas to all and to all a good night."

(with apologies to Clement C. Moore)

reindeer, skyline

Pic: Kasza /



Johann Mare Johann Mare
Hi Michael, Excellent piece. There is nothing much that I enjoy more than somebody skillful with words - you're one of a couple on this site.

This piece has become my favourite Xmas pantomine, and more importantly the favourite Xmas poem that I will read to my 4 year old each night.

Keep up the sharp wit! I think I will be following the Loonie next year.
Clare MacCarthy Clare MacCarthy
Couldn't agree more, Johann. The TradingFloor news desk was rocked by laughter at Mike's wit. I reckon his Christmassy thoughts were inspired by Canada's recent claim on North Pole sovereignty!! The Economist: Is Santa Canadian?
Michael O'Neill Michael O'Neill
Thanks Johann, but I think your 4 year old would be a lot happier with the Clement C Moore version of The Night before Christmas.

And to Clare-Beware the imperialistic leanings of Canada. Leave it to a Canuck to want to invade an ice-cube. We may be friendly, but obviously not too smart,


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