Market Brief
FX markets just have that feeling of being tired. USD gained much of the ground it lost in European session as the outlook for US growth took a negative turn. But first in the European session Q3 GDP growth figures printed at 0.4% q/q slightly lower then the 0.5% expected but still showing that the economy emerged from the recession. The US University of Michigan measure of consumer confidence fell for the second straight month from 70.6 in October to 66.0 in November. This seems to illustrate that consumers will remain in active throughout the economic recovery. The lack of consumer's participation is perhaps the core reason why we expect economic recovery will falter next year. Also in the US session Sept. trade deficit widened to -$36.47bn vs. -$31.65bn exp. These trade figures suggest that annualized GDP growth in Q3 may be revised down from the strong first estimate of 3.5%. Despite the recent correction in risk appetite we continue to believe that the USD will be the worlds funding currency of choice through the new year. Geithner and random policymakers reiterated the strong USD corporate line which might have spooked the markets slightly. But with a weekend for the market to get some perceptive (we don't expect market rattling noise from Singapore) and next weeks heavy economic calendar the USD selling should continue.

Currency Tech
R 2: 1.5060
R 1: 1.5045
CURRENT: 1.4881
S 1: 1.4820
S 2: 1.4785

R 2: 1.6845
R 1: 1.6795
CURRENT: 1.6670
S 1: 1.6515
S 2: 1.6400

R 2: 90.85
R 1: 90.60
CURRENT: 89.65
S 1: 89.60
S 2: 89.25

R 2: 0.9475
R 1: 0.9370
CURRENT: 0.9312
S 1: 0.9210
S 2: 0.9195

R 2: 1.0780
R 1: 1.0603
CURRENT: 1.0493
S 1: 1.0415
S 2: 1.0375