Daily Update
Except for Japan, US & Canada market, most of the markets were closed for Christmas holidays. The market was less volatile until US market was opened. Early morning, Japan released its national consumer price index which came out positive than the expected levels. However National CPI Ex-fresh Food & Energy, Jobs/ applicants ratio, and Unemployment rate reports which followed after this came out negative in return giving a negative outlook for Japanese yen. USA released consumer confidence and Dallas Fed Manufacturing Business index report which has shown positive figures in return strengthening USD against its major rivals. In terms of economic data, today is a big day for Japanese yen. In the morning Japan will release Industrial Production reports, followed by Large retailer’s sales report which shows the total value of goods sold in large stores, supermarkets etc. It indicates the level of consumption and consumer confidence. At the same time it will also release Retail trade for November, which shows the aggregate sales made through business location. During midday, Switzerland will release the UBS consumption indicator which indicates the consumption trends of privates. This is an important component of Swiss GDP. Later in the day, US will release the pending home sales report. This is leading indicator of trends of the housing market in the US It captures residential housing contract activity of existing single-family homes. As the housing market is considered as a sensitive factor to the US economy, it generates some volatility for the USD.Yesterday's Market
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