- US personal income flat in October, spending falls 0.3%; Core PCE price index up 0.1%
- Q3 Canadian GDP up 0.6% annualized rate; below 0.9% forecast
- Chicago PMI rises to 50.4 in November from 49.9 in October; new orders plunge to 45.3 from 50.6
- US GDP Q4 forecasts slashed after income/spending data
- House Speaker Boehner: There is a stalemate in fiscal cliff negotiations; not posturing
- Minority Leader McConnell proposes tax revenue increase in exchange for entitlement reform
EUR/USD made on fundamentally-based move, sliding from 1.2995 to 1.2968 on the poor US personal income and spending data. Prices recovered to unchanged levels before a late European rally which coincided with the month-end 16:00 GMT fixing took us up to 1.30235 briefly. Much of the afternoon was spent in a listless range around 1.3000.
USD/JPY was unable to muster the momentum to challenge exotic options in the 82.90/83.00 area and slipped off of earlier highs to spend much of the New York session in the 82.50s.
Cable was pounded for much of the session, falling as low as 1.5988 with cross-related GBP sale for month-end the most notable flow. Traditional month-end EUR/GBP demand was very much in evidence today, taking that cross to the highest level in a month.
