No Presents For The Market This Christmas

No Presents For The Market This Christmas

U.S. Dollar Trading (USD) managed small gains again today as the market shrugged off bad economic data and year end demand favored the Dollar. US GDP was confirmed at -0.5% and University of Michigan Dec sentiment was revised higher to 60.1 vs 55.3. November New Home Sales dropped -2.9% to 407K vs. 420K forecast. Existing Home Sales dropped -8.6% to 4.49M. In U.S. share markets, the NASDAQ was down -10 points (-0.71%) and the Dow Jones was down -100 points (-1.18%). Crude Oil closed down $0.93 ending the New York session at $38.98 per barrel. Looking ahead, November Durable Goods Order at seen at -3 vs. -6.9 previously. Weekly Jobless Claims are forecast at 560k vs. 554k previously.

The Euro (EUR) Holiday mode trading saw the Euro stay inside the previous days trading range. Trichet spoke in the late US session noting that the market has underestimated the stimulus steps taken by the ECB. Overall the EUR/USD traded with a low of 1.3916 and a high of 1.4020 before closing the day at 1.3940.

The Japanese Yen (JPY) was sold against most currencies as the USD/JPY broke higher above resistance at the 90.70 area on good USD demand. Trading in Asia was quiet with Japan away. Overall the USDJPY traded with a low of 89.90 and a high of 90.97 before closing the day around 90.85 in the New York session.

The Sterling (GBP) came under pressure as the Q3 GDP was revised lower to -0.6% vs. -0.5%. More BoE Rate Cuts are expected and this kept the crosses weighed. Overall the GDP/USD traded with a low of 1.4672 and a high of 1.4896 before closing the day at 1.4750 in the New York session.

The Australian Dollar (AUD) was Quiet during the Asian and European session before USD demand forced the pair below .6800 to support at .6770. Losses in Commodities and stocks kept the pair heavy. Overall the AUD/USD traded with a low of 0.6771 and a high of 0.6872 before closing the US session at 0.6810.

Gold (XAU) stepped lower as Oil and Silver came under pressure and the USD was well supported during the US session. Overall trading with a low of USD$830 and high of USD$847 before ending the New York session at USD$840 an ounce.

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