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The EUR/USD is logging solid gains so far today as we witness broad-based profit taking the Dollar. Gold is back above $1100/oz and the EUR/GBP has popped towards .90, indicating relative strength in the Euro. The Euro’s strength comes despite yesterday’s weaker than expected French Consumer Spending data. Investors are instead focusing on weaker than expected U.S. New Home Sales, Revised UoM Consumer Sentiment, and Personal Spending. The pullback in U.S. economic data has given investors the opportunity to lock in recent Dollar gains as confidence in the U.S. economy wanes. That being said, investors will receive more key U.S. data today in the form of Durable Goods Orders and weekly Unemployment Claims. If today’s U.S. econ data also print below analyst expectations this could fuel the Dollar present pullback and allow the EUR/USD to hop back above 12/18 highs. Meanwhile, the EU is on holiday for the rest of the week for Christmas, and trading should die down as the U.S. trading session wears on.
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