EUR/USD down at 1.2985 from a North American close Thursday up around 1.3005. Global hedge funds seem to be on a mission, having been strong sellers of the pairing in recent sessions. Ongoing euro zone debt concerns and a growing perception the US economy might have turned the corner are two of the main driving forces.
Euro zone data due today:
07:00 GMT: German retail sales for November expected +1.0% m/m, +3.0% y/y
07:00 GMT: German trade balance for November expected 15 bln; current account 15.5 bln
07:45 GMT: French central government balance for November
07:45 GMT: French trade balance for November
09:00 GMT: Italian unemployment for November (prov) expected 8.6%
10:00 GMT: Euro zone Q3 GDP (final) expected +0.4% q/q, +1.9% y/y
10:00 GMT: Euro zone unemployment rate for November expected unchanged 10.1%
10:00 GMT: Euro zone government expenditure Q3 expected +0.4%
11:00 GMT: German industrial production for November expected -0.2% m/m, +10.9% y/y.
Sean has done a great job of highlighting flows. Buy orders, including Asian sovereign interest, now seen down at 1.2965/70, sell stops through 1.2660.
