Daily FX Wrap Up

The US Dollar has, for the moment, pulled out of its decline. Today the USD made modest gains verse the majors while waiting on Friday's Unemployment Report. With a light day for news, two minor economic releases this morning have showed support for the Dollar. MBA Mortgage Applications for the final week of November and November's ADP net employment estimate both printed better than their respective expectations. Normally, these two reports draw little attention from traders, but some experts believe that these indicators might be looked at more closely given the overall bearish greenback. The Mortgage Bankers Association index of housing applications for the week ending December 1st grew 8.1 percent, the highest gain in 4 weeks. More importantly however, the overall level of the indicator is at its loftiest reading in ten months. This can be contributed to recent easing in housing prices and falling mortgage rates.In addition, the ADP report outpaced expectations with a gain of 158,000 jobs in November. Today the EUR/USD closed out the US session trading at 1.3285, down nearly 70 pips from earlier levels. XPRESSTRADE Analyst David Hilgeman