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The US Dollar is on the Back-foot, As Euro and Sterling Make Gains

Christmas is under a week away, and the New Year isn’t far. Until the 2nd of January, with many traders likely to close or cover positions over the holiday period and be away from their desks, liquidity from Monday the 24th December until the 2nd of January should be relatively thin.

Some analysts have been putting the dollar weakness down to fund managers squaring positions ahead of month end and year end. Cable is trading at the highest price since mid-September, and EURUSD trading at the best levels since April. 

Headlines

UBS admits fraud in $1.5 billion Libor rigging deal - Reuters

Banks See Biggest Returns Since ’03 as Employees Suffer - Bloomberg

Standard & Poor’s announced on Tuesday that it is upgrading Greece’s credit rating by a considerable six notches to B-, taking it above the level it was before the bond buyback program was set in motion, though it remains in junk status

Unemployment in Greece will climb to 29.3% in 2013 and 31% in 2014, the German institute of macroeconomic forecasts IfW Kiel predicted on Tuesday

Japan's November trade deficit widens 37.9% on-year - AFP

Fed's Fisher said QE is necessary but an “insufficient tool” to boost job creation and expects subdued inflationary pressure


Economic Data:

European current account, German IFO, Italian industrial sales are released at 9:00am

UK Bank of England Minutes 9:30am

European construction output 10:00am

US MBA mortgage applications 12:00pm

US housing starts, building permits & Canadian wholesales sales 13:30om

(All times London GMT)

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