The euro opened lower against most of its major counterparts, as investors digest the deeper fiscal integration decision, agreed on Friday’s summit. All European states, except Britain, concurred to employ stricter budget rules and to grant up to 200EUR billion in bilateral loans to IMF to assist tackling the crisis. Uncertainty about the exact process that will be followed and the division between Europe and Britain, keeps investors skeptical. Reuters reported on a 300USD billion plan by China to invest in Europe and the US. Versus the US dollar, the single currency opened lower at 1.3368 from 1.3386. Against the Swiss franc, the euro moved down to 1.2341 from 1.2357.

The US dollar opened higher against a basket of currencies as China reported slowing exports and Chinese leader Hu, admitted that the country is not immune to the eurozone woes. Against the Canadian dollar, the US dollar opened higher at 1.0193 from 1.0168. Versus the Swiss franc, the US dollar advanced to 0.9243 from 0.9230.

The Australian dollar opened lower at 1.0202 versus the US dollar. This came after the Chinese export news, as China is one of the major trade counterparties for Australia. The British pound dropped to 1.5656 against the US dollar, as divergence among the ruling coalition raises concern for domestic instability. Deputy PM Nick Clegg labeled the summit’s conclusion 'bad for Britain’ while PM David Cameron said that what was on offer is not in the interests of Britain.

Oil prices opened higher at 99.46 dollars a barrel from 99.06. Gold opened almost unchanged at 1710.97 dollars an ounce. Silver opened at 32.20 dollars an ounce.

Outlook PivotPreference1Sentiment2
 EURUSD1.3390SHORT @ 1.338037% of deals buy EUR
 USDJPY77.80SHORT @ 77.8097% of deals buy USD
 GBPUSD1.5585LONG @ 1.558533% of deals buy GBP
 AUDUSD1.0230SHORT @ 1.023038% of deals buy AUD
 GOLD1703SHORT @ 170366% of deals buy GOLD
 OIL98.50LONG @ 98.5051% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
CalendarCurrencyTime (GMT)EventForecast
 USD19:00Federal Budget Balance for November-139 bil
 FTSE 1000.83%/ S&P 5001.69%/ NIKKEI1.37%/
 DAX1.91%/ DJIA1.55%/ HIS0.29%/
 CAC2.48%/ NASDAQ1.94%/ CSI 300-1.03%/
3 at the time of writing
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