The AUD Was Weak To BreachTthe High Water

The AUD was weak to breach the high-water mark set in the aftermath of the midweek domestic employment report having traded as high as 93.29 U.S. cents.

It spent the remainder of Thursday heading sideways and lost its luster in Friday’s session as the shine was taken from risk appetite.

Yet at 92.53 cents the Aussie remains reasonably close to its three-month peak at a little above 94 cents. Risk appetite for the Aussie stems from buoyant domestic activity but needs support also from developments in the United States.

That was a little shy on Thursday in terms of that sub-par retail sales and the impact has been amelioration in investor appetite for Aussie dollars.

The Japanese Yen Climb Hard Overnight

The Japanese Yen climb hard overnight as funds and model selling drove down the euro to ¥130.31, its lowest level in at least three weeks.

The yen rose against the AUD to ¥84.09 while against the pound it rose to ¥148.09.

EUR – While a German government official was soon to deny the resignation rumors.

The harm to the euro was already entrenched as Asian markets sent it headlong down the mineshaft triggering stops and encouraging model fund selling.

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USD is Adding To Gains Against The JPY And EUR

The dollar is adding to gains against the yen and euro, but is only marginally higher against the U.K. pound, as some investors seek risk protection.

The dollar may receive an additional boost later today, especially against the yen, if the Chicago PMI for December, due 1445 GMT, comes in better than expected, traders said.

European stocks are expected to open slightly lower Wednesday, as investors look to take money off the table on the last full trading day of the decade.

Euro zone M3 data for November will be the key data release today, with the three-month average growth rate expected to decline to +0.8% from +1.6% in October. Such a weak print would set a new record low for the series, increasing concerns within the ECB about the possible emergence of a credit crunch next year.

The dollar's rally versus the yen picked up steam Tuesday after the S&P Case-Shiller home-prices indexes showed U.S. home prices decreased at a slower annual rate in October, a bullish signal for the all-important real estate sector.

GBP Technical Analysis

The GBP depreciated sharply vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5865 level and was capped around the $1.6070 level.

Traders booked profit at year-end with sterling up significantly from the beginning of the year.

Data released in the U.K. today saw Q3 housing equity withdrawal up to -₤4.9 billion from -₤6.9 billion. Most traders believe Bank of England’s Monetary Policy Committee remains in a wait-and-see mode and will expand its quantitative easing programs if required.

Monetary policy is expected to remain unchanged until February, however, when Q4 GDP and the latest quarterly inflation report are due.

Cable bids are cited around the US$ 1.5755 level. The euro moved higher vis-à-vis the British pound as cable tested offers around the ₤0.9040 level and was supported around the ₤0.8970 level.

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