AUD is the strongest. EUR is the weakest

The AUD is the strongest currency today. The employment statistics were much better than expectations (+71.4K huge...blockbuster) for the 2nd consecutive month which raises eyebrows as to the accuracy, but if you put that aside, the trend is positive as the economy transitions and that is putting a bid under the AUD.

The weakest is the EUR. A day after another squeeze higher in the main event (the EURUSD), the pair ran into the 200 and 100 day MAs and found sellers. This has pushed the EURUSD back more than 50% of the gain seen yesterday.

The SNB and BOE kept rates unchanged. The BOE statement had no big surprises. As Ryan posted. if there is nothing to buy on in the news, sell. That is what they are doing.

The volatility shows decent action with many pairs above the averages over the last 22 trading days. A number of currency pairs are at or near extremes as NY traders enter.

Initial claims +270K est, will be released at 830 AM ET along with November Import price index (-0.8%). Canada Capacity Util for the 3Q (est 82.0%), and New housing price index (est +0.1%) will also be released at 8:30 AM ET. The Fed is no track for a 25 bp hike next week so US data will be looking towards "what next?"