The United States released economic data that its starting to validate the expectations of an economic recovery. Jobless claims were lower after the spike seen after superstorm Sandy. Housing starts came in at a 4 year high as the housing has turned a corner.
The US Fiscal Cliff still looms in the horizon, even though representatives from both parties have expressed their willingness to negotiate and reach an early agreement. Fed Chairman Ben Bernanke did his part by mentioning the drag on the economy that would result if there are any delays in reaching a deal.
The EUR advanced against the USD during the holiday break as Chinese and US manufacturing data showed an expansion, which boosted bourses around the world.
- US Jobless Claims Fall to 410k
- US Housing Starts Print 4-year High
- Bernanke Calls Economic Recovery Disappointingly Slow
- Bernanke: Fed Policy Unable to Protect Economy if Gone Over Cliff
- US Stocks Flat on Thanksgiving and Greek Debt Failure
- US Economy Losing Recovery Steam
- US Existing Home Sales Grow in October
- US Builder Confidence Rises Five Points
- US Growth Increases to 2.9 percent in Third Quarter
- Obama gains approval from House Minority to avert Fiscal Cliff
- Canada to Complete Free Trade Agreement with EU in coming weeks
- USD/CAD Technicals – 0.9975/0.9985 resistance holding
WEEK AHEAD
- JPY Bank of Japan Releases Minutes
- EUR Eurogroup Budget Meetings
- EUR Greek Debt Agreement Summit
- GBP Gross Domestic Product
- USD Consumer Confidence
- EUR German Consumer Price Index
- CHF Gross Domestic Product
- EUR German Unemployment Change
- USD Gross Domestic Product
- EUR Euro-Zone Unemployment Rate
- CAD Gross Domestic Product
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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