EURUSD Climbs Ahead of Revised US GDP

Abe suggests easing till 2% CPI; European data improved and bested expectations; Swiss GDP higher; Italian auction. Market turns to US Final GDP revision, jobless claims and pending home sales. 1 of 2 EURUSD longs hit all targets, the other awaits final target at marginally higher level. Both GBPUSD longs are in progress. 2 Gold longs were stopped out. See the rest below.

USD eases across the board. European equities are gaining nearly 1% and the relative strength winner is EUR while AUD lags.

JPY fell lower at the during Asia after the LDP leader Shinzo Abe repeated that we would like to see the BOJ providing unlimited easing until the inflation reaches not 1% but 2%. USDJPY pushed back to 82.20s and EURJPY to 106.70.

European data surprised to the upside as Eurozone economic confidence rose in November to 85.7 from 84.3, UK CBI realized sales rose to 33 in November from previous 30 and German unemployment rose 5k from 19K in October. The unemployment rate remained steady at 6.9%.

Swiss Q3 GDP bested expectations as it grew 0.6% from -0.1% q/q and surged 1.4% from 0.3% on annual basis. Private and public consumption along with exports of goods contributed to growth while the export of services and fixed investments had negative impact.

Italy sold 5 and 10 year BOTs totaling EUR 5.982 bln vs. EUR 4-6 bln target. Both average yields declined but cover weakened compared to the previous auction. The 10 year yield fell below 4.5% which is the lowest level in nearly two years.

The US session kicks off with second reading of Q3 GDP at 8:30 am ET that is expected to be revised sharply higher to 2.8% from 2.0% on annual basis. Jobless claims are seen falling to 392K from 410K and pending home sales at 10:00 am are anticipated to rise 0.9% in October from prior 0.3%.

USDJPY, EURJPY, CADJPY are all in progress, while silver and oil were stopped out. For DIRECT ACCESS to these trades and the 3 volatility charts, click here: http://ashraflaidi.com/products/sub01/access/?a=696 NonSubscribers Can click here to join: http://ashraflaidi.com/products/