It must be Christmas; because the market definitely has a festive touch to it this morning. Lightened conditions have played a significant role in the recent volatility but the hard-core will continue to keep the prices pumping as long as they can. Into European trading and the Euro rallied slightly as the unit was supported by a slight bid-tone in Euro Zone rate futures.
Smaller buying amid the thinner conditions aided the move higher and EUR/USD soon worked back into the 1.3200's. Offers into the 1.3210/15 area, also the failed high from yesterday, stalled the move higher while option players noted the spot gravitation towards the EUR 500Mln 1.3200 strike set to expire at the NY cut-off at 15:00 GMT. Euro Zone data was generally overlooked while there remains talk of sizable sellers into the 1.3225 area.
Looking ahead, an early close for our North American colleges today but still we have the obstacle of US data to negotiate. US Personal Income & Spending, Durable Goods (both November) and December Gallup data are set for release at 13:30 GMT before the 15:00 GMT unveiling of Michigan Sentiment.
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