Since the economic calendar lacks fundamentals all over the globe, movements in the markets are technical. We have seen this week data released by the U.S. economy concerning the housing sector which has affected the dollar negatively allowing majors the opportunity to record new high levels. Investors are taking action now on speculation that a 25 basis point cut in interest rates will be the way the FOMC goes. The Euro is fluctuating within the 1.4365 level and the Sterling is at the 2.0525 level. As for the Yen, it is currently at 114.38.

The 13-nation currency inclined against the dollar to hit a new record high at 1.4375 after previously recording a low of 1.4323 earlier in the session. Germany released its GFK Consumer confidence for the month of November coming in at 4.9 which was worse than the expected 6.5 and October's reading of 6.8.

The Royal currency started to decline after recording a high of 2.0572 due to a possibility of investors engaging in profit taking transactions. With nothing due today by the U.K. government, trading will be based widely on technical movements. The Pound recorded a low of 2.0507 so far for today.

Finally, carry trades still dominate the USD/JPY pair as it continues to drive through the upside channel recording a high of 114.57 and a low of 114.02.

Left on the calendar for today still to be released by the U.S. economy is the University of Michigan Confidence final reading for October which is expected to remain unchanged at 82.0 from last September.