Market Overview

Forexlive European Wrap: EUR/USD slips as EUR/JPY Finds a Wall Towards 115.00

German November Industrial production +0.2% m/m from a revised -2.0% in October (expected +1.0% m/m)
UK Nov global goods trade deficit narrows to -£91.164 bln from -£9.487 lbn
Italian Q3 public deficit to GDP narrows to 1.8% from 2.5% in Q3 2011
Japanese Econ Min Amari: Need to ensure fiscal reform, BOJ mustn't be seen to be monetising debt .Monetary easing alone won't be enough, need flexible financial steps as well
German auction result
Cyprus bailout could fail in German parliament – Spiegel online
Button down central Bank bets it all – WSJ
Greek recession may stretch through 2014 - ekathimerini

For the most part a tediously dull morning with little direction and all focus on the yen pairings.

EUR/USD failed to break back through 1.3100 with a session high of 1.3096 pegged back by a cluster of offers which remain up to 1.3120.  Disappointing German IP data then led the pair lower  towards midday towards the zone of bids sitting down at 1.3040/60. Sells stops are in place on a break of 1.3040

EUR/JPY pushed up to day's highs of 114.79  on Japanese demand in both USD/JPY and the cross, but both later succumbing to  EUR/USD pressure despite initial firming stocks across Europe. USD/JPY  eased back from a day's high of 87.74 to 87.41 led by cross sales  to 114.09 .

AUD/USD largely took a back seat snagged into a 1.0496-19 range.

GBP/USD languished in a 1.6043/75 range  largely ignoring the UK trade data, with falls cushioned by some supply in the EUR/GBP  as the cross eased from 0.8154 to 0.8134

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

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