FX Highlights

  • The USD is trading lower to start the week as equity markets surge, gold trades at a new record high and the Fed's Bullard says he favors extending MBS purchases beyond Q1 2010, Bullard's statement encourages speculation that the Fed will maintain stimulus measures, EUR supported by improving manufacturing and services PMI, EU services PMI rises to a two year high, AUD supported by report of strong new car sales report
  • Focus turns to today's release of US existing home sales
  • Fed's Bullard expects the US economy to do well in Q4 and says that the Fed should keep MBS asset purchases going after Q1 2010
  • Tokyo markets were closed for holiday Monday, JPY trades lower as risk is back on
  • Australia's October new car sales rise 3.7%, AUD higher
  • EU November manufacturing PMI rises to 51 from 50.7, and EU services PMI rises to a two-year high of 53.2 and 52.6 last month, EUR higher
  • US credit card delinquencies fell in Q3 2009
  • The number of mass layoffs in October slowed according to the Labor Department, a sign that US labor market is stabilizing, mass layoff however hit a record high in 2009 at 25,872, a mass layoff involves over 50 people from a single employer
  • CFTC commitment of traders shows that speculator is increased short positions of USD last week
  • US equity markets set to open sharply higher, European equities 1.5%, Nikkei closed for holiday

Upcoming Events

  • US - Monday, October existing home sales will be released expected at 5.700mln compared to 5.570 mln last month
  • CAN - Monday, no major Canadian economic data is due for release today