Daily FX Wrap Up

The Euro moved in expected ranges today against the US Dollar, despite the better than expected Euro-Zone PMI numbers. First up was the services sector, which posted gaines for November as PMI rose to 57.6 from 56.5 in October. One of the major factors was the employment index, which is seen as highly encouraging for the labor market, as well as new business and business expectations, which points to a positive gain within the sector. Not all the news was good because prices charged and input prices slipped, but it did not seem that many traders took this into consideration. Later, data showed that retail sales rose again in October at a rate of 0.3%, but downward revisions to the September results offset the positive, as the annual figure essentially held steady at a six month low of 1.1%. Even with a barrage of positive Euro information, early morning trading started off in the 1.3025 level and finished out the American sessions almost in the same spot. This may be a sign that new resistance at the current high of 1.3670 might hold for a while. XPRESSTRADE Analyst David Hilgeman