Trading in the forex markets remains rather quiet in holiday shortened week. The most notable move is seen in Sterling which is under much selling pressure this week. Aussie and Kiwi are also broadly higher as they recovery the month's loss. Nonetheless, for the month, Euro and Swiss Franc are the strongest major currencies while Canadian dollar is the weakest. Dollar is paring back some of last week's gain and is trading mixed for the month. It's clear that the currency markets are in holiday mood and lack direction.
The economic calendar is rather heavy today but we'd expect muted reactions. New Zealand trade deficit narrowed to NZD -779m in November. In European session, Swiss KOF leading indicator is expected to rise to 98.9 in December. UK Q3 GDP growth is expected to be finalized at 0.5% qoq, unrevised. index of services is expected to rise 0.7% 3mo3m in October. Current account deficit is expected to widen to GBP -22.3b in Q3.
US durable goods orders are expected to fall -0.7% in November while ex-transport orders are expected to be flat. Personal income and spending will also be released, together with new home sales. Canada will release GDP and retail sales.