Euro Firm In Holiday Trading

Expectation on a definitive deal on Greece on Monday continues to support euro. European economics commissioner Rehn said Thursday that he saw "no reason why we should not be able to conclude the package" to remove the uncertainties that hold back confidence. Rehn hailed that Greece had already taken the reforms that it committed and it's time for the international creditors to "deliver their part of the bargain."

Greek prime minister Samaras said he's not worried about the delay of the release of bailout fund. But he said that "every day that goes by without a decision will burden the economy, its psychology, its markets and citizens and Greeks' pride." And he pledged not to let "Greek people's sacrifices go to waste."

Also, in Europe, EU officials failed to agree on the budget plan for 2014-2020. Germany's Chancellor Merkel concerned about spending and stated that it should not be too high in times of "budget consolidation in all of Europe." British Prime Minister David Cameron said that "it is quite wrong for there to be proposals for this increased extra spending in the EU. So we are going to be negotiating very hard for a good deal for Britain's taxpayers." French PM Hollande insisted on farm support, saying it is "not a French policy, it's a European policy."

Meanwhile trading activities are rather subdued with Japan on holiday today, and US is curtailed by the long Thanksgiving weekend. German Ifo will be the main focus in European session today. The Ifo business climate is expected to drop slightly from 100 to 99.5 in November. Current assessment gauge is expected to drop form 107.3 to 106.3.

Expectation gauge is expected to drop fro 93.2 to 93. Germany will also release Q3 GDP final and is expected to be unrevised at 0.2% qoq. From Canadian CPI is expected to moderate further from 1.2% yoy to 1.0% yoy in October. Meanwhile, Core CPI is expected to drop from 1.3% yoy to 1.2% yoy.