FX Pairs Were Eerily Quiet Today

FX pairs were eerily quiet today, with hardly any significant moves at all. The big news was the release of November existing home sales figures, which were disappointing at 6.97m on an annual basis. Combined with last week's poor new home sales figures, it looks increasingly as if the nation's housing market is softening. If so, the potential exists for a substantial drag on 2006 GDP growth.