Week in FX Americas – US Holiday gives EUR Opportunity to Advance

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

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