Market Overview

ForexLive North American wrap: Euro to highest since May

EUR/USD breaks November high (by 1 pip)
US Nov CPI +1.8% y/y vs +1.9% exp
US industrial production +1.1% vs +0.2% exp
Markit US PMI hits highest since April
Canadian manufacturing sales -1.4% vs -0.1% exp
Unimaginable tragedy in US
Spanish house prices down 15% y/y
Italy affirmed at A- by Fitch; outlook negative
RBS recommends GBP/USD short
BofA CEO says housing shows signs of 'real, sustained recovery'
AUD longs at record high in CFTC report
S&P 500 down 0.4% to 1413 as Apple weighs
EUR leads, CAD lags on day
EUR leads, JPY lags on week

What can you say about the break of 1.3172 in EUR/USD? It broke but it was by one pip and that's a fine line technically. I tend to fall on the side that says -- wait and see what happens Monday.

Shortly after the start of US trading, the dollar began a steep fall. The reasons for the decline aren't particularly clear. There is some chatter about a 'tactical retreat' from Republicans on tax cuts, which could be construed as positive for risk assets but bad for USD -- but it takes a few leaps of logic to get there.

Have a great weekend.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Markets Trading Ideas

 

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