FX Daily Wrap Up

As many people are wrapping up presents heading towards the Christmas holiday, the FOREX week is quickly wrapping up as well. This morning, the Commerce Department reported GDP growing at an annual 2% pace for the third quarter, which is slightly lower than the projected 2.2%. In addition, Weekly Jobless Claims increased to 315,000. This news had very little reaction in the markets. In early morning trading, the US Dollar was gaining ground against the Euro, but quickly faded when resistance was met at 1.1340. The pair then moved into range-bound trading and is expected to remain that way until after the holiday. A big question on the trader’s mind is if and when the Feds are going to cut rates. The Federal Reserve might slash rates early into the year to try and spark the economy however the powers that be, might try to hold off in an effort to prolong intervention. Time will tell and so will the Feds, but only after the holiday. As we move slowly into the Asian session, the EUR/USD is holding in tight ranges near 1.3170. XPRESSTRADE Analyst David Hilgeman